General Electric Co. plans to buy a maker of wind-turbine blades for $1.65 billion, bolstering the renewable-energy business amid growing demand for clean power.
The deal for Denmark-based LM Wind Power will enhance GE’s ability to serve customers in the onshore and offshore wind markets, the companies said Tuesday in a statement. LM Wind Power, which is owned by private-equity firm Doughty Hanson, will run as a standalone business within the renewable-energy unit.
“It shows GE’s true commitment to the wind industry,” Jerome Pecresse, chief executive officer of GE Renewable Energy, said in a telephone interview.
The deal marks the latest in a string of acquisitions for the Boston-based company and accelerates growth in its wind power business. GE established the standalone renewables unit after closing the $10 billion acquisition of Alstom SA’s power operations last year.