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One of the units of Harbin Power Equipment Company has signed an agreement with General Electric to buy a 49 percent stake in a Shenyang subsidiary from GE for $23.9 million. It will also invest to cooperate with General Electric (China) to set up a wind power company in Jiangsu province.
HEC would have a 51 percent stake in the company, with GE China owning the rest.
GE has been looking to cash in on China's fast-growing renewables market expected to grow its wind power installed base between 108 GW and 132 GW by 2020.
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