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GE Renewable Energy orders up 32% in Q4

UNITED STATES: Conglomerate GE said orders for its renewable energy unit increased by 32% in the final quarter of 2016, up to $3.3 billion.

GE's order revenue was driven by its domestic market as developers rushed to secure the full PTC support
GE's order revenue was driven by its domestic market as developers rushed to secure the full PTC support

The unit operates the group's onshore and offshore wind, plus its hydro activities.

Onshore wind dominated its order growth, with $1.9 billion worth of orders coming from the US alone on the back of a rush on "safe habour" orders for the production tax credit.

Revenue for the business unit also increased 29% compared with the same period of 2015, to $2.5 billion.

"We expect renewables to have a solid 2017 and contribute double-digit earnings improvement," said GE chief financial officer Jeff Bornstein.

Across the full year, renewables revenue totalled $9 billion, up 44% on 2015, the US firm reported.

GE acquired blade manufacturer LM Wind Power in October 2016. Bornstein said the purchase should be completed in the first half of 2017. "The vertical integration of blades will also help drive results," the CFO added.

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