Siemens to put more into Chinese wind market
TIANJIN, CHINA - Siemens will additionally inject over CNY 500 million (Chinese Renminbi) into its two ventures based in Tianjin, north China, Siemens Mechanical Drive Systems Co., Ltd. and Winergy Drive Systems Co., Ltd.
Some of the inputs will be used to enlarge the electric and electronic giant's production capacity of wind power equipment in China. Presently, Siemens is brewing building a wind power equipment plant in Shanghai, which will start operation in the second half of 2010.
The Siemens President and CEO Peter Loescher discloses that the production base will supply wind power equipment not only to China, but also to other Asian countries. He is bullish on the prospects of the wind power market and reiterates that his company has technology advantages.
By the end of 2008, China's wind power installed capacity had reached 12,170MW. A top executive of Siemens Northeast Asia in charge of energy operations points out that surplus production capacity only exists in the country's low-end field. Siemens will quadruple its production capacity of wind turbines within two years.
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