A bearing assembly comprising a generator for harvesting electrical energy from rotational kinetic energy. The electromagnetic induction generator includes a magnetic rotor (including a plurality of magnets arranged with alternating polarities along a rotor periphery) and a stator having a coil. The generator is mounted to a first part of the assembly, which is rotatable about the bearing axis of rotation. The magnetic rotor is rotationally supported relative to the stator and is rotatable about an axis of rotation, which is different from the bearing axis of rotation. The assembly further comprises a target surface made of an electrically conductive material provided on a second part of the bearing assembly. During operation, relative rotation takes place between the first and second parts. The rotor is arranged whereby magnetic field lines from the plurality of magnets intersect the target surface during at least part of one revolution about the bearing axis.