French state-controlled power group EDF said on Tuesday it had agreed a joint venture partnership with China Energy Investment Corporation (CEI) to develop offshore wind farms in China.
EDF will take a 37.5% stake in the project company through its subsidiaries EDF Renewables and EDF China. CEI Group will hold the remaining stakes through its Shenhua Renewable and Shenhua Clean Energy Holdings units.
EDF said the offshore wind market in China was booming, with an expected installed capacity of over 40 GW by 2030 versus 6 GW of installed capacity at present.
(Reporting by Sudip Kar-Gupta; editing by Jason Neely)