"It has been decided to combine the assets of GE and Alstom in the renewable energy sector into a single group, reporting directly to [GE] CEO Jeff Immelt," said Mark Hutchinson, who is in charge of the merger plans.
The group will be headed by Jérôme Pécresse, currently Alstom's vice-president responsible for renewable energies.
In what sounds like a complicated set up, the new group will include Alstom's offshore wind assets, plus hydropower and all other renewable energies, combined in a joint venture in which GE will have operational control. The offshore wind business will be headquarterd in France, under a leader to be named in the coming months.
The Renewable Energy group will also be responsible for top-level management of the onshore wind assets of both Alstom and GE. However, operational running of the combined onshore wind business will be headquartered in New York under GE's current Renewables CEO Anne McEntee.
GE is still seeking regulatory approval for its €12.35 billion offer in various jurisdictions, but is confident it will close the deal this summer.
Under the offer approved in November, GE said it would form a 50:50 joint venture including offshore wind, hydro and tidal energy, while onshore wind remained under GE control.
