Saudi Arabia launches new phase of renewables plan

Coal stations are slowly being replaced by renewables

Coal stations are slowly being replaced by renewables

The proposed moves will enable GE Renewable Energy to drive more local and integrated solutions, simplify its structure, and improve performance.

Intensifying its focus on the growing renewable energy market, GE is consolidating all of its renewable and grid assets into one renewable energy business.

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).

In 2017, renewable capacity additions amounted to 178 GW (gigawatts). If constructed, the plants will be able to generate enough power to supply 226,500 homes per year.

GE's moves are part of the company's broader effort to position itself to meet the power market's evolving needs.

The new renewable energy unit will be part of GE's energy related portfolio, which also includes the newly created gas power business and GE's power unit, which produces power generation equipment.

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The plan is to combine GE's grid solutions and hybrid renewables, including solar and storage systems, into the GE renewable energy business, complementing the company's existing onshore wind, offshore wind and hydro offerings.

Eliminating its headquarters layer and streamlining its Onshore Wind structure.

GE revealed it will also "streamline" its onshore wind arm, to compete more effectively on a local level. Current regional teams include APAC (Asia-Pacific), MENAT (Middle East, North Africa and Turkey), Europe/Africa, and Americas.

GE Renewable Energy president and chief executive Jerome Pecresse said: "We saw an increase in orders and sales for the quarter and the year, reinforcing the potential of the renewable energy business to be a growth engine for GE".

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.

A new government budget bill, expected to be approved in parliament within a month, would give renewable energy manufacturers and assemblers in the country a five-year exemption from the taxes.

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