GE expands renewable energy business portfolio to accelerate growth

The combined generation capacity will be 1.51 gigawatts (GW), enough to power 226,500 households, said Arab News, citing a statement from the Renewable Energy Project Development Office of Saudi Arabia's Ministry of Energy, Industry and Mineral Resources.

"Pakistan is paying the heavy cost of an ongoing energy crisis prevailing for the last many years", Finance Minister Asad Umar said last week in a budget speech.

Moving GE's grid solutions and hybrid renewables (including solar and storage systems) technologies into the GE Renewable Energy Business, complementing its existing onshore wind, offshore wind, LM Wind Power, and hydro offerings. GE does not make solar panels.

Reportedly, GE's current move is its first structural shift after the US SEC (Securities & Exchange Commission) and the Department of Justice had extended the accounting probes to include a goodwill write-down worth $22 billion in the third quarter, at GE Power.

To help its ailing power business, GE said in October it would separate natural gas power from coal, nuclear and grid, and named new leaders for the units.

For the record, GE, in October a year ago, revealed that it is planning to separate natural gas power from nuclear, coal and grid, and announced new leaders for the units. The break has forced some utilities to curtail use of their new GE turbines while they await blade replacements, and GE has since said it knew about the problem after a similar blade broke in 2015.

Only about 5 to 6 percent of the power to Pakistan's national electrical grid now comes from renewable energy, according to the country's Alternate Energy Development Board (AEDB).

GE's bid to reposition itself in the renewables space picked up steam yesterday when it announced a simplified management structure for the division, aimed at making the company more nimble and responsive. Power contributed about 28 percent.

"This strategic realignment positions GE to lead in the fast-growing renewable energy market", said newly seated GE chairman and CEO H. Lawrence Culp Jr.

Vanessa Coleman