GE says it plans to split its onshore and offshore wind businesses following the successful acquisition of rival energy giant Alstom.
GE won the bid to acquire the French-based conglomerate in June 2014 for $16.9 billion. However, the deal was subject to several conditions, including regulatory approval. Nonetheless, GE expects the deal to close in mid-2015.
Once the deal closes, GE says it will form a new business called GE Renewable Energy. The business unit will be based in Paris and will report directly to Jeffrey Immelt, GE’s CEO.
GE Renewable Energy will consist of two sub-businesses: an onshore business and an offshore business.
The onshore wind business, which will be headquartered in Schenectady, N.Y., and led by GE Energy’s current CEO Anne McEntee – will include GE’s current wind unit plus Alstom’s onshore wind business.
The GE-Alstom Renewables joint venture will be headquartered in France, with a leader to be named in the coming months, according to a GE spokesperson. Additionally, the joint venture will also include GE’s offshore wind business and Alstom’s current hydro holdings.
