General Electric Company (NYSE: GE) has announced plans to buy a Denmark based maker of wind-turbine blades for $1.65 billion. This is a clear move to capitalize on the growing demand for clean power usage in the United States and around the world.
GE’s involvement in the onshore and offshore wind markets positions it in as one of global clean energy leaders. GE’s focus on renewable energy can be explained by the fact that falling costs are making renewable energy more competitive with traditional fossil fuels.
According to Bloomberg, the European company has 13 factories on four continents. In their announcement GE claimed it plans to maintain LM Wind’s headquarters and management team.
Jerome Pecresse, chief executive officer of GE Renewable Energy, said in a statement that the acquisition “shows GE’s true commitment to the wind industry… GE is clearly willing to grow in offshore.”