General Electric Company’s GE business unit, GE Renewable Energy, recently clinched a contract from Innergex Renewable Energy Inc. to deliver its state-of-the -art onshore wind turbines. The contract also involves a 20-year full-service agreement between the companies.
Per the deal, GE Renewable Energy will be responsible for delivering 139 units of its 2.X-127 onshore wind turbines on 89-meter towers for Innergex’s Foard City Wind project based in Foard County, TX. The commercial operation of Innergex’s 350.3-MW Foard City wind farm commenced on Sep 27, 2019.
The latest deal marks the growing popularity of General Electric’s advanced 2 MW product platform, which is likely to have a total installed capacity of more than 15 GW by 2019 end. Featuring an improved level of annual energy production, the company’s 2.X-127 onshore wind turbines help its customers to reduce cost of energy with low and medium wind speed sites. As a matter of fact, the company’s advanced 2 MW turbines will help Innergex in bringing clean and renewable energy to the grid.
It’s worth mentioning here that in 2018 the company supplied more than 3 GW of turbine capacity in the United States, accounting for 40% of total onshore wind additions in the country.
Existing Business Scenario
Following the roll out of a business portfolio restructuring program in June 2018, General Electric is in the process of becoming a high-tech industrial company focused on Power, Aviation and Renewable Energy. Although the company is working toward improving operations in the Power segment, challenges in the unit persist.
In the past three months, the Zacks Rank #3 (Hold) company’s share price has increased 36.5% compared with 13.2% growth recorded by the industry.
Stocks to Consider
Some better-ranked stocks are Allegion plc ALLE, The Middleby Corporation MIDD, and Macquarie Infrastructure Company MIC. All these companies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Allegion outpaced estimates thrice in the preceding four quarters, the average positive earnings surprise being 2.17%.
Middleby surpassed estimates thrice in the preceding four quarters, the average positive earnings surprise being 3.03%.
Macquarie outpaced estimates twice in the preceding four quarters, the average positive earnings surprise being 5.34%.
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