General Electric (NYSE: GE) 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 (LSE: SSE) and Equinor (NYSE: EQNR).
"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.
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