Please ensure Javascript is enabled for purposes of website accessibility

General Electric to Supply Turbines to World's Largest Offshore Wind Farm

By Lou Whiteman – Updated Sep 22, 2020 at 10:33AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

A single rotation of a turbine blade generates enough energy to power a U.K. home for days.

General Electric (GE -0.19%) today announced a deal to supply turbines to what will become the world's largest offshore wind farm, a positive development in the company's effort to spark growth in its lagging power unit.

GE has been chosen to supply 190 of its Haliade-X turbines for the first two phases of Dogger Bank, a massive wind farm being developed in the North Sea off the coast of Yorkshire, England. The effort, which would have a combined generation capacity of 2.4 gigawatts, is a joint venture between SSE Renewables (SSE -2.15%) and Equinor (EQNR -1.49%).

A GE Haliade turbine.

A GE Haliade turbine. Image source: General Electric.

"We are delighted to take the next step in developing the most advanced proven technology in the market," John Lavelle, head of Offshore Wind at GE Renewable Energy, said in a statement. "In signing these agreements with Dogger Bank, our Haliade-X technology will now have an important role to play in the U.K.'s offshore wind ambitions and greenhouse emission reduction to 'net-zero' by 2050."

The turbine to be used is an enhanced version of one that has been operating in Rotterdam, the Netherlands, since November 2019. GE said that one spin of the new Haliade-X can generate enough electricity to power a household in the U.K. for more than two days.

General Electric could use the boost. CEO Larry Culp last year kicked off what was expected to be a multiyear turnaround plan focused on fixing GE's struggling energy businesses and paying down debt.

GE Aerospace was expected to fund much of that turnaround, but the coronavirus pandemic and its impact on airlines has crimped aerospace revenue, making Culp's challenge all the more difficult.

Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

General Electric Company Stock Quote
General Electric Company
$64.35 (-0.19%) $0.12
Statoil ASA Stock Quote
Statoil ASA
$31.67 (-1.49%) $0.48
SSE plc Stock Quote
SSE plc
$1,635.00 (-2.15%) $-36.00

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 09/27/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.