General Electric Arm Clinches Wind Turbine Deals From ENGIE
Zacks Investment Research | Nov 13, 2019 09:12PM ET
General Electric Company’s (NYSE:GE) business unit — GE Renewable Energy — recently announced that it has secured contracts from ENGIE North America to provide 180 onshore wind turbines for two of ENGIE’s wind projects. Including the latest deals, GE Renewable Energy has successfully clinched contracts for 885 MW of new wind turbines from ENGIE over the past year.
Per the agreements, GE Renewable Energy will be responsible for delivering 88 units of the 2.8-127 turbine for ENGIE’s King Plains wind project in Oklahoma, and 92 units of the 2.7-116 turbine for the Triple H Wind project’s first phase in South Dakota.
The construction of the projects is already underway, with both likely to be operational in the second half of next year. The company’s advanced 2 MW turbines will help ENGIE in providing clean and renewable energy in Oklahoma and South Dakota.
It’s worth mentioning here that, in 2018, the company supplied more than 3 GW of turbine capacity in the United States, accounting for 40% of total onshore wind additions in the country.
Our Take
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 Power, Aviation and Renewable Energy. Although the company is working toward improving operations in the Power segment, persistent challenges in the segment remain a concern.
In the past three months, the Zacks Rank #3 (Hold) company’s share price has increased 40.9% compared with 14.4% growth recorded by the Zacks Investment Research
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