GE Renewable Energy’s Growth
GE announced its fourth quarter and full-year 2017 results this week, and its renewable energy division GE Renewable Energy highlighted its own performance, including a total of $10.4 billion worth of orders and $10.3 billion of sales.
GE Renewable Energy doesn’t get the opportunity to publish its own quarterly earnings reports, given that it is but a division or subsidiary of the larger behemoth that is GE. However, every quarter the division gets to highlight some of its more impressive accomplishments when its parent company releases its own financial results.
In 2017, GE Renewable Energy recorded orders worth $10.4 billion and sales worth $10.3 billion. The company, most well known for its wind and hydro products, recorded 30% growth in its international onshore wind orders in 2017, and introduced the world’s largest onshore wind turbine — a 4.8 megawatt turbine which is able to generate enough electricity at low to medium wind sites for the equivalent of 5,000 homes. GE Renewable Energy also secured the orders for the largest wind farm in the US, the 2 GW (gigawatt) Wind Catcher farm in Oklahoma, and the largest wind farm in Australia, the 453 MW Coopers Gap Wind Farm in North Queensland.
GE Renewable Energy also completed the acquisition of wind blade manufacturer LM Wind Power, a transaction worth €1.5 billion ($1.65 billion) which will allow GE to in-source its own wind turbine blade design and manufacturing. GE Renewable Energy is also now the first offshore wind supplier with projects in Europe, Asia, and the Americas.
Finally, the company’s hydro division saw full-year growth of 10% in orders and 40% in services, and booked two hydro orders both worth over $100 million — the 1,200 MW Jinzhai PSP project in China, and the 960 MW Polavaram project in India.