Xantrex Technology Inc. has announced that it has entered into an agreement to form a joint venture with Shanghai Power Transmission & Distribution Co., Ltd. (SPTD).
SPTD is a member of Shanghai Electric Group to design, manufacture and sell solar and wind power electronics products exclusively for the renewable energy market in China from a facility to be built in Shanghai, China. The joint venture, to be owned 49% by Xantrex and 51% by SPTD, will be known as Shanghai Electric Xantrex Power Electronics Co., Ltd. The total initial investment will be US$20 million and the new entity will have a registered capital of US$10 million. The joint venture is expected to receive final approval from the Chinese government in the next few weeks.
