General Electric is cashing in on China’s $88 billion alternative energy expansion. The company will double its wind turbine shipments to China over the next two years.
Bloomberg: Shipments will jump to 320 this year from 159 in 2008, and double again to 600 in 2010, Steve Fludder, head of GE’s environmental product campaign, said in an interview in Beijing.
China, the fifth-largest producer of wind power, may buoy GE’s renewable-energy sales after larger markets in the U.S. and Europe were hurt by the global credit crunch, Fludder said. The country may triple wind power capacity after increasing it to more than 10 gigawatts last year, the official Xinhua News Agency reported on Jan. 15.
Wind projects in China are “basically funded on the state’s balance sheet,” Fludder said Feb. 20. The credit crunch had a “huge impact” on U.S. and European demand as private funding for new projects dried up, he said.
GE’s wind-turbine deliveries may drop about 14 per cent globally this year to 2,800, the Fairfield, Connecticut-based company said last month. GE held about 7 per cent of China’s market share in 2007, less than Copenhagen-based Vestas Wind Systems A/S, the global leader, according to Dave Dai at CLSA Asia-Pacific Markets.