General electric appears to be moving back into the game and so are all the companies that are involved in energy sector as a whole. Energy sector is one area of the global business which, apparently, is always booming. The move appears to be a strange and highly diversified one, but General Electric (NYSE:GE) already knows this fact. This is why the company is making this highly diverse move and has very recently purchased a Scottish Wind farm.
The amount of the overall acquisition has not been made public yet, and is currently unknown. It appears that the company is executing a huge expansion program and wants to keep its options open. The expansion program was initiated about a year ago with funds of about $1 Billion. The company has very recently purchased a Longhope Rig Wind capable of generating about 16 Megawatt electiricity and is located among the Scottish borders, south of Edinburg at a distance of 55 Km.
The farm has been sold by a company known as SSE plc, which in UK, is a big generator supplier. According to some of the official and non-official confirmations, the facility will be completed by probably the spring of the current year.
By the agreement, the company will be possessing 10 wind turbines in Longhope at a time, while getting them to work as well; with every one of them creating about 1.6 Megawatts. The Director of Renewable Energy from SEE, Paul Cooley, said in an announcement that the organization is pretty much satisfied to have sold the farm to General Electric (NYSE:GE).
According to him, the new deal will probably permit the company to move ahead and put all the resources into new renewable energy moves and ventures. However, it is a fact that the budgetary figures of the whole arrangement have not been discharged yet, and the office was supposed to get about £5000 every megawatt as a group venture reserve for the company’s wind ranch and will now be exchanged to General Electric (NYSE:GE).
Moreover, according to the CEO of General Electric (NYSE:GE), the company has moved its point of concentration far away from money related factors to the actual market industry. He says that under his supervision, the budgetary part of the agreement has been contracted, with the exception of some sub portions that would bolster the requirements of a modern business for example giving monetary funding in the company’s overall energy field.
The most recent acquisition move can be seen in this context. Moreover, the company has also been putting some new resources into some of its most diversified sectors. The company believes this to be the only way to move forward and hit the market from different angles. Not too much time ago, the company made a similar acquisition move and burnt through about $200 million in Egypt while building a training and manufacturing facility in the Suez.
The facility was supposed to produce fuel for aviation, oil & gas, energy products, and some transportation items for the company.
