General Electric Co., the world's second-biggest maker of wind turbines, formed a joint venture with China's Harbin Power Equipment Co. to make and supply equipment in the world's biggest market.
The $13 billion wind market will expand sixfold to 150 gigawatts by 2020, the Fairfield, Connecticut-based company said today in a statement. The new venture joins GE, whose power- generation equipment supplies a third of the world's electricity, with Harbin Power's subsidiary, Harbin Electric Machinery Co.
GE Chief Executive Officer Jeffrey Immelt is expanding partnerships in China in areas such as aviation, health care and energy. He has pointed to the country as one with a consistent energy policy that allows rapid clean-energy development. The venture will make equipment for projects that include onshore and offshore developments using direct-drive, or gearless, technology. GE has targeted the same market in Europe.
