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

June 23rd 2017
Indian Firm Wins 1.8GW Sweihan Order; The Largest Solar PV Project In The World

Indian company Sterling and Wilson has won the contract for the world’s largest single location solar PV project. The Sweihan project in Abu Dhabi is for turnkey EPC as well as O&M; and is jointly developed by Japanese investment firm Marubeni, Chinese solar company Jinko Solar, and Abu Dhabi Water and Electricity Authority (ADWEA). It will deliver a capacity of 1177 MWp, surpassing the current largest 850 MWp single location plant in China. In March 2017, Marubeni and Jinko had signed a 25-year PPA with ADWEA on a tariff of $0.0242/kWh, making Sweihan also the plant with the lowest electricity price so far.

June 20th 2017
EDF, Canadian Solar Join Forces For One Of The Largest Solar Projects In LATAM

EDF Energies Nouvelles has acquired an 80% interest in the Pirapora II PV project (115 MWp) from Canadian Solar Inc., which is retaining a 20% stake and manufacturing the PV panels locally. It marks the latest step by EDF in Brazil’s renewable energy sector. With this addition, it now has 489 MW under construction, consisting of 183 MW (wind) and 306 MWp (solar). The project is located close to Pirapora I (191 MWp), also jointly owned by both companies. With a total installed capacity of over 300 MWp, the energy generated by both projects will cover the annual electricity consumption of 323,000 Brazilian homes.

June 8th 2017
ABB Innovation Integral To The World’s Largest Floating Solar Plant Test-bed

Land scarcity has severely limited Singapore’s adoption of solar power, so the city-state, surrounded by water, has looked to floating solar panels as a viable alternative. Floating solar panels can be 11% more efficient than solar panels placed on precious land. ABB is providing critical components on a landmark 1MW floating solar photovoltaic test-bed. It measures 1 hectare or 1.5 football fields. The energy generated will be fed into the national energy grid, providing electricity for up to 250 households.

June 23rd 2017
Wind Power Can Provide Energy On Coldest Days: Met Office, Imperial College

A new study by climate scientists has advanced the understanding of the potential for wind power to provide energy during the coldest spells of winter weather. The team, which involved scientists from the Met Office Hadley Centre, Imperial College London and the University of Reading, compared wind power availability with electricity demand in winter and they found an interesting result. The team found that during the highest 5% of energy demand days, one-third produce more wind power than the winter average. “The very coldest days are associated with a mix of different weather patterns, some of which produce high winds in parts of the UK.