OSLO, March 25 General Electric Co. (GE.N) will invest 340 million euros ($453 million) in offshore wind technology in Europe until 2020, the company said on Thursday.
"Today's announcement is the beginning of our offshore wind effort where technology and network of suppliers is located in Europe, which is where we see the biggest growth potential," GE said in a statement.
GE said it will build development centres in Norway, Sweden and Germany, and manufacturing facilities for offshore wind turbines in the United Kingdom.
GE said it would test and demonstrate a four-megawatt machine designed for offshore wind in Norway, and invest 600 million Norwegian crowns ($99.20 million) in offshore wind power technology in the country by 2016. (Reporting by Oslo newsroom)