General Electric Co. (GE) said Thursday it is selling 350 wind turbines
to BP PLC's (BP, BP.LN) wind energy arm in a deal valued at roughly $750
million.
BP said the deal, encompassing equipment and five-year service agreement, reflects
the energy giant's push to aggressively expand its presence in
U.S.
wind
energy projects.
Roughly 88 wind turbines will be delivered to BP's Mehoopany Wind Farm located
on a 9,000-acre site in Pennsylvannia. The remaining 262 units will be
delivered to a
Kansas
wind
farm. Both projects, which will have a combined power generation of 560
megawatts, are expected to be on line by the end of next year.
"We continue to see strong demand for our advanced wind turbine technology
because of its capability to meet the economic and environmental priorities of
operators like BP Wind Energy," said Victor Abate, vice president of
renewables for GE Power & Water.
Reporting third-quarter results last week, GE said profit fell 9% at its big
energy business amid pressure on prices for wind turbines. The conglomerate's
energy business is a key focus for the company as it aims to shift back to its
industrial roots.
GE shares were recently up 3.1% to $16.86 amid a broader market upturn. The stock is down about 7.8% this
year.