GE To Offer Wind Turbine Solution To Sanko Enerji In Turkey
Zacks Investment Research | Mar 09, 2020 09:44PM ET
General Electric Company’s (NYSE:GE) business unit GE Renewable Energy recently announced that it has secured an onshore wind turbine contract from Sanko Enerji. Notably, this marks the company’s second onshore wind project with Sanko Enerji.
Per the deal, GE Renewable Energy will be responsible for delivering 12 of its Cypress units and two units of 3 MW for the Guney wind farm located in Bursa, Turkey. As noted, the construction and commissioning of the wind farm, which is planned to be in this year’s last quarter, will bring the total installed capacity of the wind farm to 70 MW. This will facilitate the production of adequate amount of clean energy to power 71,000 houses, save around 200,000 tons of CO2, thus catering to the increasing demand for electricity.
Featuring an improved level of annual energy production with enhanced serviceable efficiency, the company’s state-of-the-art wind turbines allow its customers to reduce cost of energy. In addition, the deal will involve General Electric to provide 10 years of maintenance services for its equipment delivered in the facility. It’s worth noting here that the company will manufacture the advanced wind turbine blades in its LM Wind Power’s Bergama site, in Turkey.
Existing Business Scenario
General Electric intends to become more competent by focusing on core businesses. In June 2018, it rolled out a business portfolio restructuring program to become a high-tech industrial company focused on Aviation, Power and Renewable Energy. Although the company is working toward improving operations in the Power segment, challenges persist.
In the past six months, the Zacks Rank #4 (Sell) company’s share price has lost 12.3% compared with 3.5% decline recorded by the Original post
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