General Electric Company GE recently announced that its renewable energy business will supply a 2 megawatt (MW) solar system installation outside its factory in Middletown, NY with operations scheduled to begin in the fall of 2015.
The ground-mounted solar installation will be done for President Container Group (PCG) – manufacturer of corrugated shipping containers. Per the agreement, General Electric aims to provide a solar solution, which includes site engineering, construction and installation, commissioning, spare parts and maintenance support. This solar power solution is expected to provide approximately 25% of PCG’s future energy needs.
Approved for support under the New York State Energy Research and Development Authority's (NYSERDA) sun incentive programme which helps to reduce installation costs for solar systems, this installation is expected to be one of the largest privately owned solar installations in New York. This solar installation is likely to bring the energy requirements for President Container under control.
GE Power & Water 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, the parent company, is one of the largest and most diversified technology and financial services corporations in the world with products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content, and industrial products.
General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now include Hitachi Ltd. HTHIY, Shanghai Industrial Holdings Limited SGHIY and Rollins Inc ROL, each carrying a Zacks Rank #2 (Buy).
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