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

October 16th 2017
Uganda Inaugurates Breakthrough Tororo PV Plant. A Future Model For Africa?

Production has commenced at the Tororo PV power plant; which, with 16 GWh of renewable energy generated annually, will cater for the energy requirements of 35,838 people and help reduce CO2 emissions by 7,200 tons. Overall, $19.6 million was invested to build the 10 MWp plant, with the engagement of several major organisations including KfW and FMO Development Banks, the World Bank and the EU. Attilio Pacifici, EU Ambassador said, “One of the key objectives of this plan is to encourage private sector participation in higher risk investments and we’re happy to demonstrate that Uganda is well positioned to be successful and a good model for replication.”

October 10th 2017
Enel Starts Construction Of Australia’s Largest Solar PV Project

The Bungala Solar One facility is part of the Bungala Solar PV Project and will have an installed capacity of 137.7 MW out of a total of more than 275 MW for the whole project, that will be able to produce 570 GWh per year. The facility will cover an area of approximately 300 hectares and will consist of about 420,000 polycrystalline PV modules mounted on single-axis tracker structures which will follow the Sun’s path from east to west; increasing the amount of energy produced by the plant, compared to PV modules with fixed structures. The overall Bungala Solar PV project is expected to become fully operational in early 2019.

October 10th 2017
EDF Completes Blythe Installation Of Potent New Turbines, Powering 34,000 Homes

The Blyth Offshore Demonstrator project will produce enough low-carbon electricity to power approximately 34,000 UK households, using 8.0MW wind turbines with a power mode uprating them to 8.3MW. It will save around 57,600 tonnes of CO2 emissions each year and is the first offshore wind project to connect using 66kv rated cables. It’s also the first time that a “float and submerge” gravity-based foundation (GBF) has been used for offshore wind turbines. Each GBF is made up of more than 1,800m3 of concrete and weighs over 15,000 tonnes when fully installed on the seabed, and the structures have a total height of around 60 metres from the base to the access platform.

October 16th 2017
Nordex Adds To Successes In Argentina, Winning 100 MW Pomona Wind Farm Order

The Nordex Group has added a further chapter to its success story in Argentina with an order for 26 N131/3900 turbines for the “Pomona” wind farm. The contract will be executed on a full EPC basis, including civil and electrical engineering, procurement, construction and manufacturing, delivery and installation of the wind turbines. Preparations for construction will be commencing in 2017, after which the wind power systems will be installed at the beginning of 2019. In addition, a ten-year full operation and maintenance contract has also been signed. 


 

   

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