(8 December 2011) – Shanghai Electric Group Company Limited (“Shanghai Electric” or the “Group”), one of the leading diversified heavy equipment manufacturing industrial groups in China, is pleased to announce that a signing ceremony for a joint venture wind power project between Shanghai Electric and Siemens was hosted today.
The ceremony saw attendance of Mr. Xiao Guiyu, Deputy General Secretary of Shanghai Municipal Government, the leaders of Municipal Development and Reform Commission, Municipal Commission of Commerce, Municipal Commission of Economy and Information and Municipal Commission of State-owned Assets: Mr. Xu Jianguo, Chairman of Shanghai Electric (Group) Corporation and Shanghai Electric Group Company Limited and Dr. Michael Suess, member of Siemens Management Committee, CEO of Siemens Energy Sector Business.
Signatories of the contracts were Mr. Zhen Jianhua, Vice President of Shanghai Electric (Group) Corporation and President of Shanghai Electric (Group) Corporation Power Group and Dr. Felix Ferlemann, CEO of Siemens Wind Power.
The two companies agreed to establish two new joint ventures, in which Shanghai Electric and Siemens will have 51% and 49% interests respectively. The manufacturing unit will develop and produce wind turbines for the China market and Siemens’ global supply network. The sales unit will be responsible for distribution of wind turbines, project management and execution as well as related development and services in China.