GE forms wind turbine JV with Harbin

General Electric (GE.NYSE) has agreed to a joint venture with a subsidiary of Harbin Power Equipment (1133.HK, HP6H.F), the Financial Times reported. The deal, in which GE will take a minority stake, will also give Harbin Power a 49% stake in GE’s existing turbine factory in Shenyang. The new plant is located far away from GE’s first joint venture in the country, where it already employs 13,000 people and produces US$5 billion in annual revenue. The new deal includes plans for a factory in Jiangsu province which will manufacture near-shore and offshore turbines, in contrast to the land-based turbines built in Shenyang. GE has estimated the China wind market at US$13 billion, and CEO Jeffrey Immelt recently praised Beijing on its straightforward approach to energy policies, especially in comparison with the US.