GE to Combine Onshore and Offshore Activities
- Business & Finance
The USA energy giant, GE, will combine its onshore wind activities into the renewable energy joint venture with Alstom.
“It has been decided to combine the assets of GE and Alstom in the renewable energy sector into a single group, reporting directly to [GE] CEO Jeff Immelt,” said Mark Hutchinson, in charge of the merger.
Initial deal saw GE create a 50:50 joint venture with Alstom including offshore wind, hydro and tidal energy while onshore would stay under GE management.
The new division, to be headquartered in Paris, will be led by Jérôme Pécresse and will include hydropower, onshore and offshore wind activities.
The European Commission is jet to make a decision weather GE’s proposed acquisition of Alstom assets is in line with EU merger regulations.
A decision on €12.35bn deal is due on August 6.