GE's power division took on added importance to GE's future earnings after the company announced previous year it would focus on jet engines, power plants and renewable energy and dispose of its healthcare unit and majority stake in Baker Hughes, along with other restructuring.
The proposed moves are created to enable GE Renewable Energy to drive more local and integrated solutions, simplify its structure, and improve performance, the company says.
Only five to six per cent of power to the national electricity grid now comes from renewable energy, according to the Alternate Energy Development Board (AEDB).
The combined generation capacity will be 1.51 gigawatts (GW), enough to power 226,500 households.
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The expanded Renewable Energy is part of GE's energy related portfolio, which also includes the newly created Gas Power business and GE's Power portfolio which operates Steam, Nuclear, and Power Conversion. That might be resolved in part by the government starting a certification system for renewable energy products to grade them according to quality, he said.
GE revealed it will also "streamline" its onshore wind arm, to compete more effectively on a local level.
"This strategic realignment positions GE to lead in the fast-growing renewable energy market".
This will complement its current onshore and offshore wind, LM Wind Power, and hydro offerings. GE's units handling electrical transmission and distribution grids, battery storage and solar inverters and controls had been in GE's Power business, which is focused on fossil fuel generation.
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In a statement on the most recent renewables change, GE said it will be able to support customers with "end-to-end" solutions, including project development, "turnkey solutions", and equipment and services.
"With the unique diversity and scale of this portfolio and the combination of expertise, technology, and local reach, we will create enhanced value for all our customers seeking to power the world with affordable, reliable green electrons".
What is renewable energy?
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