GE to bolster its renewables business in China

The logo of US conglomerate General Electric is pictured at the company's site in Belfort, France, April 27, 2014. [Photo/Agencies]

Last year, GE was awarded a contract worth $500 million by China Three Gorges Corp, a long-standing partner of the company, to supply six hydro turbines with installed capacity of 850 megawatts for the Wudongde hydropower project, which will be China's third-largest hydroelectric facility once completed. The hydropower project is located on the Jinsha River, a tributary of the Yangtze at the borders of Yunnan and Sichuan provinces.

After the French acquisition, GE's global wind footprint rose to more than 30,000 turbines and expanded its presence in Europe by 50 percent.

GE is also looking to expand offshore wind-power business in China, an industry still in the developmental stage with a huge potential for growth.

Pecresse said the company is eager to explore markets outside China along with Chinese companies as they are seeking to acquire new projects as part of the Belt and Road Initiative.

The initiative would connect China with Europe, Africa and other areas by means of investment and infrastructure along the traditional Silk Road routes.

"We can provide not only technical expertise but also local supply of hydropower equipment and services for Chinese companies, because we have presence and local connections in many countries of the world," Pecresse said.

Lu Jinyong, a professor at the Beijing-based University of International Business and Economics, said that China leads the rest of the world in renewable energy development and investment, providing a huge opportunity for companies like GE.

"The country is making big bets on renewable energy. So even though the economy is slowing down, huge potential for growth still exists in the sectors of wind, hydro, solar and other renewables," he said.