GE Renewable Energy has reported a loss of $302m in the group’s first quarter results, widening the loss of $187m in the same period in 2019 by some 61%.
The company cited supply chain disruption due to COVID-19, fulfilment delays. The non-recurrence of a non-cash gain in the first quarter of 2019 also contributed.
GE Renewable Energy’s orders fell 13% to $3.1bn compared with $3.5bn in the same period last year, with equipment and services orders down.
GE said: “Given the evolving nature of the COVID-19 pandemic, at this time, GE cannot forecast with reasonable accuracy the full duration, magnitude, and pace of recovery across our end markets, operations, and supply chains. As a result, on 9 April 2020, GE withdrew its guidance for 2020.”
Revenues were a bright spot, however, at $3.2bn, up 26% in the first quarter of 2020 compared with the same period in 2019, mainly driven by onshore wind.
The business booked 731 new unit turbine deliveries and 219 repower kit deliveries.
New orders include the supply and installation of 112 2.7MW GE turbines for the Sitac Kabini wind farm in Gujarat, India.
Other orders include the 12 Cypress units and two 3MW turbines for the 74MW Guney wind farm in Turkey. GE’s scope of work includes a 10-year service agreement.
Swedish renewable energy company OX2 will use 24 5.5MW Cypress turbines for the its latest wind farm in Finland, while The Blue Circle and AC Energy said they will buy eight 5MW Cypress platform turbines for the Mui Ne wind project in South Vietnam.