Turnover from wind energy is growing rapidly (reaching nearly £6 billion in 2019 in the UK alone), and this is likely to increase in the wake of COP26: accelerating the transition from fossil fuels to resilient renewable energy solutions is a critical part of most countries’ net zero targets. With the cost of wind energy production now comparable to the cost of producing energy from fossil fuels, the number of wind turbines is forecast to grow at c. 8% p.a. over the next five years. As a corollary, there is strong demand for high quality wind energy infrastructure maintenance services.
Investment
GEV Wind Power is a global market leader in wind turbine repairs, seeing strong momentum in a growing global market. By providing rotor blade maintenance services and wind farm manufacturer and operator expertise, the company facilitates wind energy power generation and supports the growth and longevity of the sector. With four offices across the UK, US and Poland, GEV is able to reduce wind turbines’ downtime and maximise efficiency from on- and off-shore wind farms across the globe – playing an important role in the transition towards a lower-carbon economy. It recently acquired Wind Power Lab, adding an innovative, differentiated suite of tech-based services that are highly complementary to the group’s existing repair business.
Outcomes
Since inception, GEV has repaired upwards of 9,000 blades, a figure which continues to climb. Based on the number of blades serviced in 2020 and the average turbine’s capacity, the company estimates that it has helped to maintain around 273MW of wind energy, which is enough to power over 250,000 average EU households.
