Invenergy Agreement Of More Than $1 Billion Highlights Record Growth In 2007 For GE Energy’s Wind Business
Capping a year of record growth in 2007 for GE Energy’s wind business, the company’s agreement with Invenergy LLC of more than $1 billion marks one of the largest commitments for wind turbines to be delivered in a single year in the history of the global wind industry.
GE will supply Invenergy with 600 megawatts of its 1.5-megawatt wind turbines for projects in North America, and 200 megawatts of its 2.5xl wind turbines for European applications, marking the first time a U.S.-based developer has selected GE’s 2.5-megawatt technology for projects in Europe. All of the wind turbines are slated for shipment during 2009. The 800 megawatts of wind turbines will provide enough wind power capacity to meet the requirements of 275,000 households.
“With this milestone agreement, Invenergy will have secured more than two gigawatts of GE wind turbines for the 2007-2009 time frame,” said Victor Abate, Vice President-Renewables for GE Energy. “The use of our proven technology by an experienced developer and fleet operator will help individual states, provinces and countries meet their Renewable Energy Standards.”
The latest Invenergy agreement reinforces GE’s leadership role in the rapidly growing wind industry. Since 2004, GE has achieved a 500% increase in wind turbine production, with its wind business revenues exceeding $4 billion in 2007. According to the American Wind Energy Association, over the past two years, GE has supplied wind turbines representing nearly half of the new wind capacity across the U.S.
“As a developer and operator of wind energy projects worldwide, Invenergy relies on GE’s on-time delivery of wind turbines,” said Michael Polsky, CEO of Invenergy. “The high availability and reliability and grid-integration features offered by GE wind turbines help to position our installed fleet as an industry leader for grid performance.”
Based in Chicago, Invenergy has approximately 2,700 megawatts of natural gas fueled power plants and more than 1,200 megawatts of wind power projects in construction or operation in North America and Europe. Invenergy’s development of wind energy facilities is carried out through its wholly owned affiliate, Invenergy Wind LLC.
GE’s 1.5-megawatt wind turbine is among the most widely used machines in the global wind industry, with more than 7,700 installed around the world. The GE 2.5xl wind turbine is the next evolution of the company’s wind turbine fleet, and builds on the success of the 1.5-megawatt technology. The 2.5xl is the largest GE wind turbine available for onshore applications, and is specifically designed to meet the immediate requirements of the European Union, where lack of available land constrains the size of projects.
In addition to the Invenergy order, other highlights for GE Energy’s wind business in 2007 included:
* Agreements to supply Noble Environmental Power with 633 wind turbines for 2007 and 2008 projects that will increase New York State’s wind power capacity by 950 megawatts
* GE’s 2.5xl wind turbine technology selected for a wind project in Turkey that will more than double the country’s wind capacity
* Expansion of GE’s Renewables Global Headquarters in Schenectady, NY to include a new Wind Product Management and Customer Support Center
* A $400 million agreement with SkyPower Corp. with 200 wind turbines for projects across Canada and the United States
* Receipt of the 2007 Frost & Sullivan North American Wind Power Growth Strategy Award
* A $350 million agreement with Third Planet Windpower to supply 167 wind turbines for new wind farms under development in Texas, New Mexico, Nebraska and Wyoming
* A $730 million agreement to supply EDP of Portugal with wind turbines totaling more than 500 megawatts for projects to be developed during 2008 and 2009 in Europe and the United States
GE’s wind turbine technology is a key element of ecomagination, the GE corporate-wide initiative to address challenges such as the need for cleaner, more efficient sources of energy, reduced emissions and abundant sources of clean water.
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