Stena Renewable to Utilize GE’s 2.5-MW Wind Turbine Technology for Four New Wind Farms in Southern Sweden

SALZBERGEN, GERMANY — JUNE 14th, 2011 — Stena Renewable Wind Energy Company of Göteborg, Sweden has signed a contract with GE (NYSE:GE) to deploy 40 of GE’s 2.5-103 wind turbines for installation at four new wind farms in the southern Swedish municipalities of Laholm, Boxholm and Mjölby.

Commissioning of the new wind farms is scheduled between late 2011 and mid-2012.

“After a careful analysis, we selected GE because we place the highest priority on a long-term, stable relationship with the supplier along with the performance data and the proposed costs of the wind turbine technology. We look forward to working with GE and the joint implementation of these projects," said Göran Danielsson, managing director of Stena Renewable AB.

Stena currently operates a total of 22 wind turbines in the municipalities of Ludvika and Härnösand in central Sweden. The company’s four new projects represent a total investment of 1.2 billion Swedish crowns (about € 130 million). The projects will generate enough clean energy to power the equivalent of 50,000 houses in Sweden.

Traditionally a majority of Sweden’s domestically produced electricity has come from nuclear power plants and hydroelectric facilities. However, to comply with the EU Renewables Directive, Sweden has been working to increase the pace of wind farm construction, according to the Swedish Wind Energy Association.

The four new wind farms will be supported through Sweden’s existing green certificate support system that gives producers of renewable electricity (wind, small hydro, biomass based CHP) set payments for every MWh of renewable energy they produce.

"The performance of our 2.5MW series of wind turbines has been proven in applications across Europe,” said Ricardo Cordoba, President of GE Energy Western Europe & North Africa. “Designed to yield the highest annual energy product in its class, the 2.5 wind turbine is an excellent match for the requirements of Stena’s new wind projects.”

The new projects in Sweden are part of GE’s broader strategy to supply its advanced wind turbine technology and services for a growing number of wind energy projects as countries throughout central and Eastern Europe strive to meet their renewable energy production and emissions-reduction targets.

More than 400 of GE’s 2.5 series onshore wind turbines have been installed, primarily at projects in European countries including Romania, France, Holland, Turkey, Germany, Belgium, Spain, Italy and Poland. This machine is designed as an evolutionary product and built upon the success of GE’s 1.5-megawatt wind turbine, the world’s most widely deployed megawatt-class wind turbine with over 16,000 units installed.

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About Stena

Since the start in 1939 Stena has developed into an international group of companies with business activities all over the world. Activities today are spread over several areas: ferry routes, shipping, offshore drilling, property, finance plus recycling, environmental services and trade.

The Stena Sphere consists of the three parent companies, wholly-owned by the Sten A Olsson family, Stena AB (publ), Stena Sessan AB and Stena Metall AB, and their wholly or partly owned subsidiaries. Together they constitute one of Sweden's largest family-owned corporate groups. The parent companies' head offices are all located in Göteborg.

The Stena Sphere has a headcount of around 19 000. The Sphere generated total revenues of SEK 47 billion in 2009 with a result before tax of SEK 1.7 billion.

Stena Renewable invests in wind farms and the goal is to establish more than 200 wind turbines within the coming four years.

About GE

GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. 

GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy www.ge.com/energ - GE Power & Water, GE Energy Services and GE Oil & Gas - work together with more than 90,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.