GE Renewable Energy reported operating profit of $287m in 2018, down 51% from $583m in 2017, partly impacted by pricing pressures.
Profit was also impacted by damages for delays to projects and higher losses related to its legacy joint venture with Alstom, the company said.
Pricing pressures are a result of falling prices in renewable energy caused by factors, such as competitive auctions.
However, GE Renewable Energy’s revenue rose to $9.5bn in 2018, up 4% from $9.2bn in 2017, driven by turbine orders and services orders, which were up 32% on repowering units.
Sales of onshore wind turbines in 2018 rose 5% to $10.9bn in 2018 from $10.37bn in 2017.
GE’s onshore orders for the whole of 2018 topped 8591MW, increasing by 8% on 2017, which stood at 7933MW.
Key wind project deals for GE in 2018 include a contract with Scout Clean Energy to supply 120 2.5MW turbines for the 300MW Ranchero wind farm in Crockett County, Texas.
In 2018, GE also secured an order for 60 1.7-103 units for the 100MW Kipeto wind farm in Kenya.
GE Renewable Energy president and chief executive Jerome Pecresse said: “We saw an increase in orders and sales for the quarter and the year, reinforcing the potential of the renewable energy business to be a growth engine for GE.
“We will continue to invest in leading-edge technology – such as our Haliade-X and Cypress platform offerings – to drive down the cost of renewable energy and speed the clean energy transition.”