RES chief executive Ivor Catto said: "For us, 2018 was the "year of renewables" and one in which power purchase agreements came of age, the clearest indication yet that renewable energy has become as competitive, as other forms of energy".
The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016.
The country is paying the heavy cost of an ongoing energy crisis prevailing for the last many years, Finance Minister Asad Umar said last week in a speech in parliament about a mini-budget.
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"Global demand for renewable power generation and the associated grid integration continues to increase globally; the latest report from the International Energy Agency showed that renewable capacity additions of 178,000 megawatts (MGW) accounted for more than two-thirds of global net electricity capacity growth in 2017", GE said. Regional leaders for renewables will now deal directly with the company's renewables headquarters in Paris.
The expanded renewable energy business is part of GE's energy-related portfolio, which also includes the newly created gas power business and GE's power portfolio, which operates the steam, nuclear and power conversion segments. Industry experts speculated the move to be GE's strategic step to set up its non-gas business for sale. The break has forced some utilities to curtail use of their new GE turbines while they await blade replacements, and GE has since said it knew about the problem after a similar blade broke in 2015.
Saudi Arabia's Renewable Energy Program seeks to achieve more than 25GW of wind and solar power generation in the next five years, and close to 60GW over the next decade; of which 40GW will be generated from solar energy, with a further 16GW of onshore wind. Power contributed about 28 percent.
The firm said it will "intensify its focus" on the growing green energy marketplace with the creation of GE Renewable Energy Business.