By MIA LAMAR
General Electric Co. said Thursday it is selling 350 wind turbines to BP PLC’s 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.