GE’s (NYSE: GE) Power Conversion business signed a memorandum of understanding with Sinoma International Engineering Co. Ltd. and Yingda International Leasing Co. Ltd. to help develop the solar energy business in China and around the world.
All three companies will share and develop technologies, financing and government relations management. Objectives of the agreement include alleviating pressure on cash flow and financial constraints that engineering, procurement and construction contractors may face when developing large-scale photovoltaic projects.
The Chinese government has set a goal to reduce carbon emissions and energy use per unit gross of domestic product by at least 3.7 percent in 2013, and to increase the country’s installed PV capacity to 10 GW in 2013.
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