GE's Ecomagination Runs Wild for Wind

Usually, the only way I can relate to corporate behemoth General Electric is through NBC's 30 Rock and corporate titan Jack Donaghy, VP of East Coast Television and Microwave Oven Programming (Trivection Oven, anyone?). Now, wind power helps me wrap my head around their $335 billion market cap. On February 28th, GE inked a $700 million deal with Renewable Energy Systems Americas Inc. (RES) of Austin, Texas. The company has been a big player in the U.S. wind energy market, having been involved in the development or construction 12% of America's installed capacity.

"We look forward to building our equipment supply relationship with GE, and view it as critical to achieving our goals for expanded ownership of wind projects in the US," said Craig Mataczynski, President of RES Americas.

Through the agreement, GE will supply RES with 500 megawatts worth of 1.5 megawatt wind turbines for projects in 2009 and 2010. Riding the breeze has also treated GE well with 8,000 megawatts of installed capacity worldwide. The company's $4.5 billion in 2007 wind energy sales made up a full 20% of GE Energy's sales.

RES isn't the only company getting cozy with GE's wind division. In late January, Houston-based Horizon Wind Energy announced that it would buy 201 1.5 megawatt GE turbines over the next two years. Horizon will also establish a regional office in Albany, NY, a mere 20 miles from GE's renewable energy headquarters. At the same time, GE Energy Financial Services has committed to investing $300 million in four of Horizon's wind energy projects representing 500 megawatts of electricity production.

If this keeps up, Jack Donaghy may have to add VP of Turbine Technology to his title portfolio.