Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

GE Renewable Energy Ships First Offshore Wind Turbine

Published 07/12/2016, 09:22 PM
Updated 07/09/2023, 06:31 AM

GE Renewable Energy – unit of General Electric Company (NYSE:GE) – recently announced the completion of the manufacture of its first commercial series of Haliade Offshore wind turbine nacelles. The 370-ton wind turbine nacelles will be shipped to the U.S. for installation in the Block Island Wind Farm.

Details on the Wind Farm

The Block Island Wind Farm, a project by Deepwater Wind, is located about 3.8 miles from Block Island, RI, and is the first offshore wind farm in the U.S. The 30 MW 5-turbine demonstration project is expected to generate over 125,000 MWh of electricity annually. The structures, designed by Alstom (PA:ALSO) Wind, will stand 600 ft (180 m) high and can withstand a Category 3 storm. The system will connect New Shoreham to the grid for the first time and allow it to stop the use of diesel generators.Notably, the Block Island Wind Farm will be connected to the grid by the end of 2016.

The Perks of the Project

Per GE Renewable Energy’s CEO Anders Soe-Jensen, this deal is likely to help the company meet the growing international demand in the energy sector.

Saint-Nazaire Plant

Inaugurated in Dec 2014, the Saint-Nazaire plant was designed to reach a production capacity of 100 Haliade 150 - 6MW offshore wind turbines per year. Alstom had specifically developed this new generation turbine for a sea-based environment.
This plant will be the assembly point for around 66 wind turbines of the Merkur wind farm in Germany, which will be followed by the 238 turbines scheduled to equip the three French wind farms in Saint-Nazaire.

GE Renewable Energy is a 9 billion dollar start-up within General Electric and combines one of the broadest and most extensive portfolios in the industry. The company is focused to make the world a better and cleaner place. It has the largest renewable energy installed base with 370 GW and is present across 40 countries, with an employee base of 13,000 employees. Supported by the world’s first digital industrial company, GE Renewable Energy is determined to change the future of energy.

General Electric carries a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Leucadia National Corporation (NYSE:LUK) , Honeywell International Inc. (NYSE:HON) and Carlisle Companies Incorporated (NYSE:CSL) ). Carlisle sports a Zacks Rank #1 (Strong Buy) while Honeywell and Leucadia carry a Zacks Rank #2 (Buy).



HONEYWELL INTL (HON): Free Stock Analysis Report

LEUCADIA NATL (LUK): Free Stock Analysis Report

GENL ELECTRIC (GE): Free Stock Analysis Report

CARLISLE COS IN (CSL): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.