26 April 2017 2017 09:15 AM GMT

GE Completes $1.65bn Acquisition Of World Leading Manufacturer Of Turbine Blades

GE; the world’s leading Digital Industrial company, announced today that it has completed the acquisition of LM Wind Power, a Denmark-based technology developer and manufacturer of rotor blades to the wind industry. The completion of the transaction follows regulatory approval in the European Union, the United States, China, and Brazil.

GE reached an agreement with the London-based private equity firm Doughty Hanson in October 2016 to purchase the company for €1.5 billion ($1.65 billion). The transaction in-sources wind turbine blade design and manufacturing for GE’s Renewable Energy business, improving its ability to increase energy output and create value for onshore and offshore wind customers. The deal will be accretive to GE earnings in 2018.

Jérôme Pécresse, President and CEO of GE Renewable Energy, said, “The completion of the LM Wind Power acquisition provides us with the operational efficiencies necessary to support the growth of our wind turbine business, which is the fastest growing segment of power generation. With LM’s technology and blade engineering, we are now able to improve the overall performance of our wind turbines, lowering the cost of electricity and increasing the value for our customers. Together, we are set to capitalise on the expansion of renewable energy and be a growth engine for GE.”

Marc de Jong, CEO of LM Wind Power, said, “LM Wind Power has had a long-standing partnership with GE that has yielded many innovations and commercial successes, including the installation of the first-ever offshore wind farm in the United States. We see many digital and advanced manufacturing technology capabilities that will help accelerate our technology development and increase our customer reach.”

LM Wind Power will be run as an individual operating unit within GE Renewable Energy, providing blades for both GE’s onshore and offshore wind business units. LM Wind Power will also continue to supply blades to the rest of the wind industry, having established protocols and safeguards to protect customers’ confidential data.

With this deal, GE continues to deepen its capabilities and ambitions in renewable energy. In the past year, GE has delivered the first offshore wind farm in the US, won its first offshore project in China, launched its onshore digital wind farm and digital hydro plant, and developed hybrid projects in wind-solar and hydro-wind.

GE’s goal is to deliver renewable energy projects locally that maximise electricity output while reducing the cost of electricity, bringing affordable, sustainable energy to the world and more value for its customers.

GE Renewable Energy is a $10 billion start-up that brings together one of the broadest product and service portfolios in the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power, GE Renewable Energy has installed more than 400+ GW capacity globally. With more than 12,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world’s first digital industrial company. Its goal is to demonstrate to the world that energy can be affordable, reliable, and also sustainable.

Image: Courtesy of LM Wind Power & GE Renewable Energy

January 19th 2018
Chinese Solar Surge Fuels Overall Global Growth In Clean Energy Investment

World clean energy investment totalled $333.5 billion last year, up 3% from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5 trillion. An extraordinary boom in photovoltaic installations made 2017 a record year for China’s investment in clean energy. This outpaced changes elsewhere, including jumps in investment in Australia and Mexico, and declines in Japan, the U.K. and Germany. The figures up 3% from a revised $324.6 billion in 2016, and only 7% short of the record figure of $360.3 billion, in 2015.

January 8th 2018
Vestas Sets 10.6 GW Record In 2017 After Year-End Surge; Ups Cashflow Guidance

Vestas has received a firm and unconditional order for 190 MW of 4 MW platform turbines in the U.S. taking the global order intake for the company in 2017 to 10.6 GW, surpassing 2016’s record order intake of 10.5 GW. The surge of orders at the end of the year has resulted in the company revising its guidance for free cashflow upwards. It now expects the free cashflow for 2017 to be €1.15bn-€1.25bn, as compared with the previous guidance of €450m-€900m. Markets have reacted favourably with the company share price experiencing an increase of 5%. 

January 18th 2018
Masdar City To Test Latest Concepts In Autonomous Electric Vehicles

ICONIQ Motors, a China-based EV company, has reached agreement to test its autonomous driving concept at Masdar City. The ICONIQ SEVEN, one of the world’s latest EV models is a futuristic vehicle, built on an intelligent, connected vehicle platform integrated with Microsoft’s AZURE cloud technology; and is set to hit the market in 2019. “Masdar City has put smart and sustainable mobility at the centre of its strategy, as highlighted by the historic success of its flagship driverless Personal Rapid Transit (PRT) system,” said Yousef Baselaib, Executive Director of Sustainable Real Estate at Madsar. “It is the ideal location to test innovative autonomous driving concepts.”

January 5th 2018
Nordex Benefiting Increasingly From Renaissance Of Spanish Wind Energy Market

The Nordex Group is benefiting increasingly from the renaissance of the Spanish wind power market: utility Gas Natural Fenosa Renovables (GNFR) has now ordered 58 AW132/3300 from the company in December. The contract covers the installation of six wind farms as well as multi-year services for the turbines. Construction of the first turbines will commence in the summer of 2018 and all the projects are located in regions of Spain where the Nordex Group has manufacturing facilities. In addition, the towers will be produced locally using the process developed by the company.


 

   

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