The energy division of US industrial heavyweight GE has signed a deal with two Chinese firms that will see it expand its presence in China’s solar market.
Under a memorandum of understanding, GE Power Conversion, engineering firm Sinoma International and Yingda International Leasing will cooperate on the development of solar energy in “China and abroad”, the company said.
The companies said they would share expertise in technology, financing and government relations management.
In particular, GE will be looking to find new markets for its range of solar inverters, which includes the ProSolar Converter, designed for medium- and large-scale solar installations. The company said the market for inverters in China would reach RMB$ billion (US£645 million).
GE said it hoped to close its first contract in China by the end of this year.
Bo Liu, president of GE Power Conversion China, said: “China is already one of the largest solar energy users as well as a leading producer of PV hardware globally. The opportunity for growth in clean and efficient solar energy is immense as China aggressively pursues a reduction in carbon emissions.
“This partnership brings together the best of the capabilities needed to deliver powerful, reliable and cost-effective solutions, which we expect will become the trademark for other regions to benefit from.”
China’s National Development and Reform Commission has set a goal of increasing the country’s installed PV capacity to 10GW by the end of 2013, three times higher than its 2012 target.