Published on October 23rd, 2017 | by Joshua S Hill0
GE Renewable Energy Continues Strong 2017 Growth
October 23rd, 2017 by Joshua S Hill
GE Renewable Energy recorded yet another strong quarter with $3 billion in orders and double the growth in its international onshore wind orders, according to figures pulled out of GE’s larger third-quarter earnings report published last week.
It is not always easy to gauge the performance of GE’s renewable energy division because it is a division of a larger company, so we are sometimes reliant upon the parent company extracting the information from their overall quarterly earnings report. Given the company’s stature, therefore, it is unsurprising that GE Renewable Energy made some noise this past week given that it recorded revenue of $2.9 billion, a 5% year-over-year increase. The company also took in $3 billion worth of orders, including increased international onshore wind orders.
Some of the key highlights from GE Renewable Energy’s third quarter included supplying 600 MW (megawatts) worth of wind power to Australia, including to the Cooper’s Gap wind project, the country’s largest onshore wind farm. GE Renewable Energy also provided 87 wind turbines worth 150 MW to Pakistan and 50 MW worth of wind turbines to Oman and the Gulf region.
GE Renewable Energy also has its hands in the hydropower and offshore wind industries, but both had quieter quarters. The company signed a deal during the third quarter to rehabilitate units 5 to 8 of Hydro Quebec’s La Grande II plant in Canada and was selected to provide 3X Synchronous Condenser and associated equipment for Araraquara project in Brazil.
Meanwhile, GE Renewable Energy also shipped during the third quarter nacelles and blades for the 18 MW demo wind offshore wind project in Xinghua Gulf to China, and boasted construction work in Israel and Germany.