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China

China

Siemens and Shanghai sign new JV deals

CHINA: Siemens and Shanghai Electric have announced plans to expand their existing collaboration and set up two new joint ventures.

Under the deals, Shanghai will be the majority shareholder with a 51% ownership of each venture. The first one will be dedicated to research and development and component production both for both China and Siemens' worldwide.

The second joint venture will cover sales, marketing and project management in China. Both agreements are subject to regulatory approval.

In February, Shanghai and Siemens signed a joint venture to supply Siemens blades to the Chinese market. The two companies have a history of collaboration.

Speaking about the deal, Siemens Energy CEO Michael Suess said: "We see the agreements with our long term partner Shanghai Electric as the breakthrough for Siemens in the world’s most important wind power market. With the two joint ventures we’re now optimally positioned to participate in this strong market."

Shanghai CEO Xu Jianguo said: "The wind market in China is entering into an integration phase, so the cooperation with Siemens for these two joint ventures will provide Shanghai Electric with new opportunities for development."

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