GE launches New Renewable Energy Business

GE Renewable Energy
(SeongJoon Cho/Bloomberg)

General Electric said Tuesday it launched a new GE Renewable Energy business in the wake of acquiring France-based Alstom’s power and grid businesses for $10.6 billion.

The new business unit is heavily focused on wind power and turbine manufacturing and will be led by Jérôme Pécresse, who previously served as president of Alstom’s renewable power sector. The Alstom deal was just finalized in the beginning of November.

GE said the division expands GE’s wind footprint to more than 30,000 individual turbines worldwide and boosts GE’s presence in Europe and Latin America.

“With the creation of our new business, GE now has one of the world’s largest renewable energy footprints, and our goal is to help drive the wind industry forward by drawing on the shared expertise of two innovative companies,” Pécresse said in a prepared statement.

The Alstom addition also gets GE into the offshore wind business with the Haliade turbine technology that is used in Europe. The technology will be featured in the U.S. for the first time with Deepwater Wind’s Block Island Wind Farm project, which is set to become the nation’s first offshore wind farm when it is completed next year.

“Offshore wind is a challenging industry, but we believe the market has real potential,” said Anders Soe-Jensen, President & CEO of GE’s offshore wind unit, in s prepared statement. “Our goal is to work closely with customers to continue validating our technology as we begin to scale and grow the business.”

Soe-Jensen previously oversaw offshore wind power for Alstom.

Categories: Deals,Technology,Wind
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