General Electric Company (NYSE:GE) is taking its wind energy growth strategy to the next level. After folding in recently acquired Alstom's power and grid business, General Electric Company just announced that it's officially creating its own renewable energy business unit.
The move makes sense. Alstom brings with it a suite of complementary renewable resources, expanding both the scope and quality of General Electric's current offerings. Globally, Alstom laid claim to the world's largest installed renewable energy base (370,000 MW).
"Today is an exciting day for the future of the wind industry," said Jerome Pecresse, president and CEO of GE Renewable Energy, in a recent press release. "With the creation of our new business, GE now has one of the world's largest renewable energy footprints, and our goal is to help drive the wind industry forward by drawing on the shared expertise of two innovative companies."
While "growth by acquisition" of a $10.6 billion company and a business unit restructuring may not seem like major signals that General Electric Company is getting serious about wind energy, there are three reasons that this is actually a big deal. Click through the slideshow below for three ways these recent developments signal GE's seriousness about wind energy.
Justin Loiseau owns shares of General Electric Company and enjoys tailwinds while biking. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.