General Electric (GE) Arm Wins Wind Turbine Deal in India
General Electric Company’s GE unit GE Vernova has recently secured a deal from Amplus Solar to supply onshore wind turbines for the latter’s first wind farm to be built in Tamil Nadu, India.
Based in India, Amplus is a distributed energy company that supplies clean energy solutions by building on-site and off-site solar farms for commercial and industrial customers. The company also provides battery storage, residential solar and electric vehicle-based logistics solutions to its customers. Amplus currently manages a portfolio of 1.4+ Gigawatt (GW) of distributed solar assets.
Per the deal, GE will provide and commission 40 units of 2.7-132 onshore wind turbines for the Tamil Nadu based 108 MW wind power plant. The turbines will be designed at GE’s Technology Center in Bengaluru and assembled at the manufacturing facility in Pune. The blades of the turbines will be produced at Vadodara’s LM Wind Power plant.
Amplus’ wind farm will be operational by August 2024. Upon completion, the facility will provide cost-effective, steady and accessible green energy to Tamil Nadu’s businesses and consumers. The deal is also in line with India’s carbon reduction goals.
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General Electric has already completed more than three GW of orders for its 2.7 MW turbine in India. GE expects to exceed five GW of onshore wind installed base in India by early 2024.
Zacks Rank & Stocks to Consider
GE currently carries Zacks Rank #3 (Hold). Some better-ranked stocks are discussed below:
Griffon Corporation GFF sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks.
GFF delivered a trailing four-quarter earnings surprise of 7.7%, on average. In the past 60 days, Griffon’s earnings estimates have increased 12.5% for fiscal 2023. The stock has surged 4.5% in the year-to-date period.
Ingersoll Rand Inc. IR presently sports a Zacks Rank of 1. IR delivered a trailing four-quarter earnings surprise of 12.6%, on average.
In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 7.1%. The stock has improved 23.4% in the year-to-date period.
Alamo Group Inc. ALG currently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has increased 30.3% in the year-to-date period.
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