Ningbo Energy Group (SHA:600982) agreed to co-establish a joint venture that will develop the Zhejiang (East China) Deep Offshore Wind Power Base at China's Xiangshan Port, according to a Shanghai bourse filing on Tuesday.

The venture, Zhejiang Ningbo Zhehai Offshore Wind Port Equipment Development, will have a registered capital of 1.2 billion yuan and will be providing services, mainly in port operation and ship inspection.

The steam and electricity generation company will set up the joint venture with Ningbo Orient Wires & Cables (SHA:603606), Sun Moon Heavy Industry, and Zhejiang Marine Wind Power Development.

Ningbo Energy will hold 20% of the venture, while Zhejiang Marine Wind Power will own 73%. Sun Moon Heavy Industry and Ningbo Orient Wires & Cables will hold 5% and 2%, respectively.