General Electric Co. (GE) is beefing up its presence in Nordic countries.
GE Power, the company's power generation arm, will build new wind farms in Finland and Sweden. "We are in discussions with several customers and partners," GE Power Finland CEO Markus Alholm told Reuters on the sidelines of an energy conference.
"We are very active in wind in the Nordic countries," Alholm said. In Finland, the company is planning new farms with about 80 to 100 megawatts per farm. GE Power has similar plans for Sweden. GE recently announced that it reached a deal to build a 650-megawatt wind farm in Sweden with Green Investment Group.
GE Power's proposed expansion in the region comes one day after its parent company announced it will slash its dividend in half. GE hasn't made such a move since the Great Recession in 2009. Following the news, GE stock toppled to its lowest level since 2009.
Just after the market open Tuesday, GE stock declined 2% to $18.63. Shares have shed 41% of their value since the start of the year.
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