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Renova Energia And GE Sign $394 Million Contract For 230 Wind Turbines

Stocks in this article: GE

GE (NYSE: GE) and Renova Energia, a wind developer leader Brazil with 1 gigawatt installed, have signed a contract worth $394 million for 230 GE 1.68-82.5 wind turbines. All 230 turbines have a 10-year operating contract, which will be managed from GE’s services center.

The purchase is part of Renova’s expansion plans that began in November 2011 with the construction of the Alto Sertão II Wind Farm, comprising 15 parks with a total installed capacity of 386 megawatts, enough to supply power for a city of 1 million people. The contract is to supply energy sold by Renova in the Reserve Energy Auctions (LER) in 2010 and 2011. The Alto Sertão II Wind Farm is in the cities of Caetité, Guanambim and Igaporã, in the southeast of Bahia state, in Brazil.

“Scale and efficiency are increasingly important factors in the wind power segment and they have created a new scenario, which is more complex and which requires internationally recognized partners such as GE,” says Luiz Freitas, legal and purchasing director, Renova Energia. “This contract is the result of the value generated by a joint Renova and GE team in the pursuit of the state of the art in wind power technology in Bahia.”

The partnership between the two companies began in Brazil’s first exclusively wind energy auction in December 2009. “Renova built the largest wind farm in Brazil, and we are proud to take part in this project and to help boost wind power generation in Bahia,” says Jean-Claude Robert, leader of GE’s Renewable Energy business in Latin America. The farm, opened in July 2012, has 184 GE wind turbines producing a total of 294 megawatts.

This year, GE celebrates a decade in wind energy and has 20,000 wind turbines installed around the world. To date, 300 GE wind turbines have been installed in Brazil. In the next two years another more than 600 units will be installed in the country. This contract reinforces GE’s position of leadership in this sector. The company’s wind turbines comply with the requirements regarding Brazilian-made parts as set out by the National Economic and Social Development Bank (BNDES) in order to get credit from the FINAME line.

About GE

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com.

About GE Power & Water

GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar; biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world’s most complex challenges related to water availability and quality. Numerous products are qualified under ecomagination, GE’s commitment to providing innovative solutions that maximize resources, drive efficiencies and help make the world work better. Power & Water’s seven business units include Aeroderivative Gas Turbines; Gas Engines; Nuclear Energy; Power Generation Services; Renewable Energy; Thermal Products and Water & Process Technologies. Headquartered in Schenectady, N.Y., Power & Water is GE’s largest industrial business.

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