Portugal - GE, EDP Ink $730M Wind Turbine Agreement

GE Energy has signed a global frame agreement with Energias de Portugal SA (EDP) to supply wind turbines totaling more than 500 MW of new capacity for wind projects to be developed during 2008 and 2009 in Europe and the U.S. Total value of the agreement will be $730 million, bringing GE Energy's recent wind turbine order announcements to more than $1 billion, according to the company.

Under the agreement, GE will provide EDP's U.S. branch, Horizon Wind Energy LLC, with 201 1.5 MW wind turbines for projects in the U.S., at sites yet to be determined, and will supply Neo Energia, EDP's European renewable branch, with 80 2.5xl wind turbines for new wind projects in Europe.

All of the U.S. projects will be owned by EDP-owned Horizon Wind Energy or affiliates. Sixty-seven of the GE wind turbines for the U.S. projects and 30 turbines for the European projects are expected to be commissioned before the end of 2008.

"This frame agreement with GE nearly completes EDP's wind turbine needs until 2009, which is particularly important for the success of our upcoming projects, given the high demand for wind turbines in today's market," says EDP's CEO, Antonio Mexia.