GE says to invest $453 million in offshore wind

OSLO | Thu Mar 25, 2010 5:47am EDT

OSLO (Reuters) - General Electric Co. will invest 340 million euros ($453 million) in offshore wind technology in Europe until 2020, the company said on Thursday.

"Today's announcement is the beginning of our offshore wind effort where technology and network of suppliers is located in Europe, which is where we see the biggest growth potential," GE said in a statement.

GE said it will build development centres in Norway, Sweden and Germany, and manufacturing facilities for offshore wind turbines in the United Kingdom.

GE said it would test and demonstrate a four-megawatt machine designed for offshore wind in Norway, and invest 600 million Norwegian crowns ($99.20 million) in offshore wind power technology in the country by 2016.

(Reporting by Oslo newsroom)

Related Quotes and News

Company
Price
Related News
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
GreenIsGold wrote:
What will it take to get North Carolina positioned for this kind of investment?

Hopefully Duke Energy’s demonstration project will spur policies that encourage investment here at home.

Mar 25, 2010 1:05pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.
See All Comments »