RIYADH — GE, the world’s leading digital Industrial company, announced 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 $1.65 billion (SR6 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 around the world.
Jérôme Pécresse, President & 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, GE Renewables is 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 capitalize on the expansion of renewable energy and be a growth engine for GE.”
Hisham Al Bahkali, President & CEO, GE Saudi Arabia & Bahrain, said: “The acquisition of LM Wind Power further supports GE’s global leadership adding positively to our capabilities in supporting our partners in the Kingdom and the region with the most advanced wind technology. At GE, we are fully committed to the ambitious energy diversification and sustainable development goals of Saudi Vision 2030 that will boost competitiveness and support the Kingdom in becoming a leader in renewable energy.”
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 early 2017, GE installed the first-ever wind turbines in the Kingdom at Huraymlah and Turaif with both wind turbines are now generating electricity, making wind power a reality.
GE’s goal is to deliver renewable energy projects locally that maximize electricity output while reducing the cost of electricity, bringing affordable, sustainable energy to the world and more value for its customers. — SG
