GE has announced that it plans to consolidate its renewable and grid assets into a single unit. It said that this will help it tap into the global demand for clean energy generation. The plan is to combine GE’s grid solutions and hybrid renewables, including solar and storage systems, into the GE Renewable Energy business, complementing the company’s existing onshore wind, offshore wind, and hydro offerings.
Last year, GE announced plans to focus on jet engines, power plants, and renewable energy, by disposing of its healthcare and Baker Hughes units, along with other ongoing restructuring programmes. GE’s Renewable Energy business contributed about 9 per cent of the company’s total industrial segment revenues in 2017, prior to this integration.
The new renewable energy unit will be part of GE’s energy related portfolio, which also includes the newly created gas power business and GE’s power unit, which produces power generation equipment.
Lawrence Culp, Chief Executive Officer for GE, said: “This strategic realignment positions GE to lead in the fast-growing renewable energy market.”