General Electric Company (GE) debuted in Estonia when it officially launched the Paldiski Wind Farm on the Pakri peninsula in northwestern region of the country. The onshore wind farm features 18 General Electric 2.5-100 wind turbines in one of Europe’s most promising wind sectors to generate considerable revenues for its Energy Management segment.
With strong winds from the Baltic Sea, the Paldiski Wind Farm is likely to contribute significantly to the overall energy supply of the country. Estonia reportedly erected a record number of wind turbines in 2012 with a combined capacity of 86 megawatts (MW), bringing its tally to 269 MW.
General Electric has also inked a 10-year full service agreement to facilitate successful operation and maintenance support. These entail the company to monitor advanced anomaly detection and provide unplanned maintenance with an availability guarantee.
General Electric 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, the company serves over 100 million customers worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. The Energy Management 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. This segment also sells surface and sub-sea drilling and production systems, floating production platform equipment, compressors, turbines, turbo expanders, and high pressure reactors to oil and gas companies.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include Federal Signal Corp. (FSS) and ITT Corporation (ITT), both having a Zacks Rank #2 (Buy), and Hutchison Whampoa Ltd (HUWHY), having a Zacks Rank #1 (Strong Buy).
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