LONDON: US conglomerate General Electric will test the world’s largest wind turbine in a facility in northeast England, it said on Tuesday.
GE Renewable Energy, the renewable arm of the US firm, and the British government-funded Offshore Renewable Energy Catapult signed a five-year agreement to test GE’s Haliade-X 12 megawatt (MW) turbine in Blyth, Northumberland.
“This is an important agreement because it will enable us to prove Haliade-X in a faster way by putting it under controlled and extreme conditions,” John Lavelle, president & CEO of GE’s Offshore Wind business said in a statement.
Britain is aiming to be a leader in offshore wind technology and its capacity could grow by five times current levels to 30 gigawatts by 2030, according to a report funded by a range of industry participants.
Britain’s energy and clean growth minister Claire Perry welcomed the agreement and said it highlights Britain’s world class research and testing facilities.
The largest wind turbines currently in operation are MHI Vestas’ 9 MW turbines installed at Vattenfall’s windfarm off the coast of Aberdeen, Scotland.
Companies have been building larger turbines to help get more power from each turbine installed and drive down the cost of the electricity they produce.
The agreement also includes a 6 million pound ($8.5 million) combined investment from Britain’s Innovate UK and the European Regional Development Fund (ERDF) to install the world’s largest and most powerful grid emulation system at the Catapult’s Blyth center.
General Electric to trial world’s largest wind turbine in Britain
General Electric to trial world’s largest wind turbine in Britain
- Britain is aiming to be a leader in offshore wind technology
- The largest wind turbines currently in operation are MHI Vestas’ 9 MW turbines in Aberdeen, Scotland
Saudi Aramco raises $4bn in bond sale as investor demand holds strong
RIYADH: Saudi Aramco raised $4 billion through a multi-tranche bond sale, extending its run of international debt offerings as the world’s largest oil exporter taps strong investor appetite for Gulf investment-grade debt.
The notes were issued under the company’s Global Medium Term Note Program and priced on Jan. 26, Aramco said in a statement. The bonds are listed on the London Stock Exchange and span maturities from 2029 to 2056.
This comes as Aramco remains an active borrower in global markets, having raised $5 billion through a bond sale in June and a further $3 billion via an international sukuk in September, after completing a $6 billion bond deal and a $3 billion sukuk offering in 2024.
The latest transaction underscores the company’s ability to secure long-dated financing at competitive rates as it balances expansion spending with shareholder returns.
Ziad Al-Murshed, Aramco’s executive vice president and chief financial officer, said: “This issuance is part of Aramco’s focused strategy to further optimize its capital structure and enhance shareholder value creation.”
He added: “The attractive pricing achieved on the transaction reflects global investors’ continued confidence in Aramco’s financial strength and resilient balance sheet. We remain firmly committed to maintaining disciplined capital management and delivering long-term value to our shareholders.”
The notes include a $500 million tranche due in 2029 with a 4 percent coupon and a $1.5 billion tranche due in 2031 at 4.37 percent.
They also comprise a $1.25 billion tranche due in 2036 at 5 percent, alongside a $750 million 30-year tranche maturing in 2056 with a 6 percent coupon.
A key indicator of the transaction’s success and Aramco’s robust credit standing was the achievement of negative new issue premiums on three of the four tranches, the statement said.
The proceeds are expected to support the company’s ongoing capital expenditure programs, which include investments in both upstream oil and gas capacity and downstream chemical projects, as well as its strategic initiatives in new energy sectors.
The transaction highlights Aramco’s ability to leverage its superior credit profile to secure cost-effective financing, aligning its capital structure optimization with its broader ambition of sustainable value creation for its shareholders.
