GE’s Power Conversion business has formed partnership with Sinoma International Engineering and Yingda International Leasing.
Under the terms of this MOU, all the three parties will share resources and cooperate closely to develop the solar energy business in China and abroad.
The key objective of the cooperation is to ensure product quality as well as alleviating pressure on cash flow and financial constraints which EPCC’s (engineering, procurement and construction contractors) may face during the execution of large PV (photovoltaic) energy projects.
The cooperation includes expertise in and the development of technology, financing and government relations management.
The Chinese government has announced aggressive targets to reduce carbon emissions and energy use per unit of gross domestic product by at least 3.7 percent in 2013 following similar reductions in previous years and in line with this initiative, China’s solar energy industry has maintained a continued and rapid growth.
According to the National Development and Reform Commission, a goal has been set to increase the country’s installed PV capacity to 10 gigawatts (GW) in 2013. This goal is three times higher than that of 2012 and represents 140 percent of the newly installed capacity achieved over the past five years with the expectation that the total investment in solar inverters will reach 4 billion RMB, the equivalent of $645 million.
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.”
The partnership brings 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, the company said.
GE’s Power Conversion business provides a complete range of central inverters. The GE ProSolar Central Solar Inverter is the latest development specifically designed for the solar industry. GE’s ProSolar Converters are designed for medium- and large-scale PV power plants due to their capability to handle input voltages of more than 1,000 V.
India leverages GE Power Conversion technology to power its first pumped-storage plant
Recently GE Power Conversion business announced it is supporting the Tehri Hydro Development Corporation (THDC) India’s 1,000-megawatt (MW) pumped-storage hydro power plant located on the Bhagirathi River in the state of Uttarakhand.
This is the first pumped-storage power plant in India to use variable-speed pump turbine sets, which will provide higher power output than previous systems and provide much needed grid stability for India’s increasing electricity demands.