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China

China

GE and Harbin end Chinese joint-venture

CHINA: GE and Chinese firm Harbin Electric will terminate a joint venture covering two manufacturing plants in China.

The joint venture produced GE's 1.6MW turbine
The joint venture produced GE's 1.6MW turbine

GE said the two companies broke up the partnership because of fundamental differences in business priorities and strategies. The partnership was originally brokered in 2010.

Most recently, the venture supplied GE 1.6MW turbines to Mongolia's first ever wind farm.

Harbin Electric is based in Harbin, north-east China's Heilongjiang province, and produces around one half of China's hydro-electric power units and one third of its turbo generators.

Under the 2010 deal, Harbin invested CNY 186 million ($30 million) to hold 51%, with GE owning the remainder, of a new plant based in Zhenjiang, east China's Jiangsu province.

At the same time, Harbin spent CNY 160 million to purchase 49% of the shares in GE's wind turbine plant in Shenyang. Harbin will now acquire ownership of the Zhenjiang plant with GE taking back full ownership of the Shenyang facility.

The two companies, after buying back their shares in each other's company, will develop wind power in China as independent entities.

GE said it would continue to operate in China's wind sector.

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