Diversified industrial conglomerate General Electric Company (GE) was recently selected by SSE Renewables – the largest renewable power producer in U.K, to supply 94 megawatts (MW) of capacity to power the Dunmaglass Wind Farm in Scotland.
Under this agreement, General Electric will provide SSE with 33, 2.85 MW wind turbines to meet its renewable energy targets of the country. General Electric specifically designed these turbines with a 70-meter tower height for the project, which meets the restrictions of tip height imposed by the local planning authority.
The wind farm project should help the Scottish government to meet its renewable electricity generation target for renewable to generate equivalent of 100% of gross annual consumption by 2020 along with a new target of 50% by 2015. With this strategic move, General Electric will expand its operations in the U.K. and deliver specialized services to SSE.
Also, subsidiaries of General Electric and EON SE (EOAN) – the biggest utility company of Germany, formed a 50/50 investment partnership to operate Grandview Phase I, a 211MW wind farm under construction in Texas. EON is expected to manage construction of the wind farm with operations likely to begin in December.
The project will include 118, 1.7 MW turbines provided by General Electric under a five-year agreement. The wind farm will supply power to the new renewable energy zones infrastructure in Texas and also create significant employment opportunities. Once operational, the wind farm will meet the energy requirements of 64,000 homes.
General Electric provides cutting edge wind turbine technology through which wind energy can be harvested more efficiently, creating more value for its customers. General Electric is one of the most diversified technologies and financial service corporations in the world. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. The GE Power & Water segment produces gas, steam and aero derivative turbines; generators; combined cycle systems; and renewable energy solutions, as well as provides water treatment services and equipment.
General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look include Noble Group Limited (NOBGY), carrying a Zacks Rank #1 (Strong Buy), United Technologies Corp. (UTX) and ITT Corporation (ITT), both carrying a Zacks Rank #2 (Buy).
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