GE completes $1.65bn LM Wind Power acquisition
General Electric (GE) has completed the acquisition of Danish wind turbine blades supplier LM Wind Power from private equity firm Doughty Hanson.
Image: LM Wind Power will operate as an individual unit within GE Renewable Energy. Photo: Courtesy of LM Wind Power.
The acquisition has received clearances from the regulators in the European Union, the United States, China, and Brazil.
In March, the European Commission (EC) concluded that the merged entity would not affect competition in the wind power sector in Europe.
Last year, GE entered into an agreement to acquire LM Wind Power in a deal worth $1.65bn.
The acquisition was expected to boost wind turbine blade design and manufacturing capacity for GE’s Renewable Energy business.
Operating as an individual unit within GE Renewable Energy, LM Wind Power will provide blades for both GE’s onshore and offshore wind business units.
It will also continue to supply blades to other players in the wind industry.
GE Renewable Energy president and CEO Jérôme Pécresse 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.”
In February, LM Wind Power said that it would open a new blade manufacturing facility in Cherbourg, Normandy, France to cater to the offshore wind industry. The facility is expected to become operation by June next year.
Besides, it began construction on a wind turbine blade manufacturing plant in Bergama, Turkey last year.
The new factory, which is its 14th plant worldwide, is expected to commence production by mid-2017. It will have an annual capacity of 500MW.
LM Wind Power currently has 13 facilities in countries including Denmark, Spain, Poland, Canada, the US, India, China, and Brazil.