GE has completed the acquisition of Danish wind turbine blade supplier LM Wind Power, it has announced.
The US equipment giant purchased Denmark-based LM Wind from private equity firm Doughty Hanson after receiving approvals from regulators in the EU, USA, China and Brazil. It says that the deal will strengthen its supply chain and increase its competitiveness.
“With LM’s technology and blade engineering, we are now able to improve the overall performance of our wind turbines, lowering the cost of electricity and increasing the value for our customers,” said Jérôme Pécresse, President and CEO of GE Renewable Energy. “Together, we are set to capitalize on the expansion of renewable energy and be a growth engine for GE.”
The wind business is the fastest-growing segment of GE’s power generation business. LM’s acquisition will enable GE to develop, design and produce its own wind turbine blades for onshore and offshore wind turbines.
LM will be run as an individual operating unit within GE and will also continue to supply blades to other wind turbine manufacturers because of protocols and safeguards that have been established to protect customers’ confidential data.