General Electric Unit Gets Wind Turbine Deal From EDF-SITAC
Zacks Investment Research | Feb 26, 2020 08:35PM ET
General Electric Company’s (NYSE:GE) business unit, GE Renewable Energy, recently clinched a contract from the EDF (PA:EDF) Renewables / SITAC Group joint venture to deliver its state-of-the-art wind turbines.
Per the deal, GE Renewable Energy will be responsible for delivering 112 units of its 2.7 MW wind turbines with 132m rotor to the Sitac Kabini wind farm based in Gujarat, India. As noted, the installation and commissioning of wind turbines, which will be completed over the coming year will bring the total installed capacity of the wind farm to 300 MW. This will facilitate the production of adequate green energy for more than 1.3 million people, catering to the growing demands for electricity.
Featuring an improved level of annual energy production, the company’s 2.7 MW wind turbines help its customers to reduce cost of energy with low wind speed sites. The latest deal will also enable the government of Gujarat to meet its renewable power obligations by helping it to increase the renewable sources percentage to 17% of its installed capacity by 2021 from the current level of 10%.
It’s worth mentioning here that the company has developed the turbine at its technology center located in Bangalore, India.
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 Aviation, Power and Renewable Energy. Although the company is working toward improving operations in the Power segment, challenges persist.
In the past three months, the Zacks Rank #4 (Sell) company’s share price has lost 3.1% compared with 4.8% decline recorded by the Zacks Investment Research
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