General Electric continues to shed renewables projects under new CEO Larry Culp.
General Electric has made supplying clean-energy equipment a central pillar of its future business, but in the meantime the company continues to shed renewables projects under new CEO Larry Culp.
On Tuesday, asset manager Harbert Management Corp. announced the acquisition of an 80 percent stake in an 812-megawatt portfolio of U.S. onshore wind farms from a joint venture of GE and Enel Green Power. The deal reflects GE’s ongoing efforts to shrink its Capital arm as it restructures under Culp.
Enel Green Power, among the world’s foremost renewables developers, and GE, one of the top wind turbine suppliers, formed the joint venture known as EGPNA Renewable Energy Partners in 2015 — with GE increasing its stake to an even 50 percent the following year. At the time, the JV was positioned as a rival investment model to the renewable energy yieldcos then making waves in the market.
But signs have emerged this year that GE wanted to get out of the joint venture, as the company retrenches around a few core business pillars — including renewables manufacturing and services — and the broader U.S. wind market repositions ahead of the phase-down of its federal tax credit. Read More…
