ABB gets $700 mln offshore wind order
Friday, Jul 16, 2010
Swiss engineering group ABB has received a $700 million order to connect North Sea windfarms to the German electricity grid, its biggest ever power transmission order.ABB will provide German transmission grid operator transpower with equipment for an 800 megawatt power link going from the windfarms to the northwest German coast, ABB said on Friday.
"This is the largest power transmission order in ABB's history," the group, which competes with France's Schneider, said in a statement.
Analysts consider renewable energy technology a key area for ABB, and Chief Executive Joe Hogan has said he would like to see his company expand in smart electrical networks, which optimize power use.
In May, ABB said it would buy U.S. software firm Ventyx, which provides software for utilities and grid operators, for more than $1 billion.
Shares in ABB were up 0.7 percent at 1152 GMT, versus a 0.3 percent rise in the STOXX 600 industrial goods and services index.
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