The deal, which is expected to be worth $1.65 billion will improve GE’s ability to increase its energy output and create value for onshore and offshore customers. Since 2001, LM Wind Power has been owned by Doughty Hanson, a London-based private equity firm.

The acquisition is valued at 8.3 times pro forma earnings before interest, taxes, depreciation and amortisation (EBITDA) (2016 estimate). The transaction is subject to customary regulatory and governmental approvals and GE expects to close the transaction in the first half of 2017. GE expects the acquisition to be accretive to earnings in 2018.

As the cost of electricity from renewable sources continues to decline and nations pursue low-carbon forms of energy, renewable sources are gaining share in power generation capacity. In 2015, approximately 50% of all new electricity capacity additions were renewable energy sources, with wind representing 35% of that growth.

Following the closing of the deal, GE intends to operate LM Wind Power as a standalone unit within GE Renewable Energy and will continue to fully support all industry customers with the aim of expanding these relationships. GE will also retain the ability to source blades from other suppliers. LM Wind Power will continue to be led by its existing management team and be headquartered in Denmark, where it also maintains a global technology centre.

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LM Wind Power have doubled their US workforce in less than six months from 350 in April to a little more than 700 in August. The company continues to expand significantly into next year, expecting to employ around 1200 people in the US in 2014.

The additional staff will work in LM Wind Power’s factories in Grand Forks, North Dakota and Little Rock, Arkansas and serve the demand in the US market where the company is seeing increased volumes from key customers, following the extension of the Production Tax Credit late last year.

LM Wind Power’s Head of US Operations, Bill Burga Jr said;

We are pleased to see that the market is improving again following a period of low activity due to uncertainty around the PTC, with the political framework in place, our customers are winning more business again and we are ready to serve their demand for highly efficient quality blades for the US market, adding hundreds of extra jobs. Now it is crucial that the politicians remain committed to securing a stable economic framework to enable continued industry growth and increased US employment.

LM Wind Power will have around 570 employees in Grand Forks and little more than 400 in Little Rock at the end of 2013, adding another 250 in 2014. With the continued expansion of the workforce, LM Wind Power’s US factories will be among the company’s biggest. LM Wind Power operates 14 blade manufacturing plants across Americas, Europe and Asia.

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The factory will be established in conjunction with LM Wind Power’s joint venture partner Eólice and will deliver blades to wind farms in Brazil and throughout South America.

The location for the first factory in Brazil will be in the port of Suape, near Recife in the State of Pernambuco, Adjacent to a busy port with a strong local workforce, the new blade manufacturing facility is the ideal location to supply major wind farms in the North East of Brazil and beyond. The factory will employ up to 300 people, plus more in the local supply chain. It is expected that blade production will commence in September 2013, and agreements with customers have already been finalised.

In addition to the agreements already signed, The company is also currently in advanced negotiations with a number of wind turbine manufacturers who have expressed a need for larger blades between 40 and 70 metres in length for future wind power auctions.

Leo Schot, CEO of LM Wind Power, commented:

A number of strategic customers have asked LM Wind Power, as the global market leader, to support their efforts in developing the market for wind energy in Brazil and throughout Latin America. We are pleased to make this announcement which confirms our commitment to our customers, so that they can use our technology and innovation to harness wind energy profitably and with maximum operational reliability. We are also very happy to be working with a professional and engaged partner in Eólice, which will handle the infrastructure side of the venture.

The wind industry development in the northeast of Brazil is predicted to contribute to the generation of 1,500 direct jobs with an overall investment of 100 million reais. LM Wind Power will join companies such as the Argentine turbine manufacturer IMPSA, tower manufacturer RM Wind and Iraeta, a company that produces flanges which also has a factory under construction in the Pernambuco complex.

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This blade requires more than 20,000 hours of work by LM Wind Power’s specialist teams which focus especially on aerodynamics, structural design and production processes. The blade uses advanced composite materials enabling LM Wind Power to design and manufacture relatively lighter glass fiber and polyester blades for the length.

The prototype blades will be produced in the company’s Danish factory in Lunderskov and will be ready for installation at Alstom prototype sites in Europe over the winter 2011/12. Future production depends on the end markets that Alstom wishes to address, most likely France, UK and other North Sea markets.

Roland Sundén, Chief Executive Officer, LM Wind Power Group said;

We are proud to partner with Alstom on this important project. I am sure that Alstom’s turbines flying the world’s longest wind turbine blades from LM Wind Power will set a new standard for cost of energy with an advantage over current offshore turbines. This new blade builds on the innovative features developed for our recent blade launch, the GloBlade which has proved to be tremendously successful, offering an additional annual energy production of 4-5 percent compared to standard blades

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