General Electric & Mass Energy Group To Develop Wind Project
Zacks Investment Research | Apr 09, 2018 10:31PM ET
General Electric Company’s (NYSE:GE) Renewable Energy segment recently signed a contract with Mass Energy Group Holding — a subsidiary of Mass Global — for the development of 100 MW Mass Wind project in Jordan.
Per the deal, General Electric will offer its modern generation of 3.6-137 wind turbines to Mass Energy Group, which in turn, will help this clean energy project to meet its power requirements of more than 150,000 houses. The project marks the first of this type in Jordan for both the companies.
Notably, GE Renewable Energy, along with its consortium partner, Elecnor, inked a contract for the engineering, procurement as well as construction of the project. Working in collaboration with Mass Global, General Electric will provide its modern wind technology, which is expected to boost Jordan’s renewable energy sector and strengthen its capability of domestic energy production. Additionally, the project is likely to reduce emissions of carbon by 233,800 metric tons yearly. Particularly, the company’s advanced wind technology will allow Mass Global to bring efficient and flexible operations to the latest wind farm.
General Electric is poised for long-term growth with improved performances from the emerging markets like India and China. Going ahead, the company intends to focus on three core segments — power, aviation and healthcare equipment — which require advanced hi-tech products with a high degree of reliability. Going ahead, these products are expected to generate higher margins and contribute to higher long-term growth.
However, in the past six months, shares of this Zacks Rank #5 (Strong Sell) company have lost 45.1%, wider than the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.