Siemens and Shanghai Electric intend to set up two new joint ventures to form a strategic alliance for the Chinese wind power market. Corresponding agreements were signed on December 8, 2011, in Shanghai by the two companies.

The aim of this alliance is to better serve China as the world’s largest wind power market. In each of the two joint ventures, Siemens will have a stake of 49 per cent and its Chinese partner Shanghai Electric 51 per cent. One of the joint ventures will be engaged in R&D and production of wind turbine equipment for the Chinese market and for Siemens’ global supply network. The second joint venture will be responsible for wind turbine equipment sales, marketing, project management and execution as well as service in China. Siemens is thus continuing with the regionalization of its wind power business in key markets, and Shanghai Electric will further improve its core competitiveness. The agreements are subject to the approval of the anti-trust authorities.