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  1. Deals Analysis
May 19, 2020

GE Renewable signs wind turbine contract with Fina Enerji

GE Renewable Energy has signed a contract with Turkish renewable energy company Fina Enerji to supply 52 of its 3MW wind turbines to four of Fina Enerji’s windfarms in Turkey.

By Ilaria Grasso Macola

GE Renewable Energy has signed a contract with Turkish renewable energy company Fina Enerji to supply 52 of its 3MW wind turbines to four of Fina Enerji’s windfarms in Turkey.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The total order capacity amounts to 193MW, which will produce enough energy to power 200,000 homes while offsetting 650,000 tonnes of CO2.

The deal’s financial terms have not yet been disclosed.

 

Understanding the project

The agreement, which will help Turkey reach its renewable energy targets, includes a 10-year servicing agreement.

This is not the first partnership between GE Renewable Energy and the Turkish company, which is owned by Turkish investment group Fiba Group.

In April 2012, GE supplied 31 1.6-100 wind turbines – at the time, the most efficient wind turbines in their class – for a 50MW Fina Enerji project in Istanbul. In November that year, GE also provided 43 wind turbines for four additional projects in western Turkey.

In March 2018, GE Renewable Energy and Fina Enerji signed an agreement to work on eight projects and provide 410MW of electricity by the end of this year.

Under the terms, GE will supply its 3.8-130 wind turbines, alongside its long-term project services.

 

Executives respond to the deal

GE Middle East, North Africa & Turkey onshore wind president and CEO Manar Al-Moneef said: “GE has been one of the early investors in Turkey and continues its commitment to create jobs and contribute to the development of high technology in the energy industry.

“We are delighted to be partnering with Fina Enerji again and working on these exciting projects featuring GE’s high-tech 3MW platform turbines, well suited to Turkey’s wind speeds and landscape.”

Fina Enerji’s owner Fiba Group chairman Murat Özyeğin added: “We are excited for our new windfarm projects that will increase our installed capacity from 350MW to 543MW.

“The Baglama project will be the easternmost windfarm investment in Turkey and we are particularly proud to contribute to the economic development in this region. We are pleased to sustain our partnership with GE and to contribute to our country’s renewable energy targets.”

 

Company overview and share price

 With more than 400GW of electricity produced, GE Renewable Energy is a subsidiary company of American multinational GE and a renewable energy company worth $15bn. The company owns 25% of global hydropower installations while providing grid solutions to 90% of global utilities.

Founded in 2007 as a subsidiary of Fiba Group, Fina Enerji has produced almost 350MW of energy from 10 windfarms while other 10 – with a capacity of 200MW – are under construction.

The company also owns five solar power plants, which produce 25MW.

 

 

Related Companies

Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

Verdict deals analysis methodology

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.

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