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General Electric Arm Seals Onshore Wind Project Deal With Eni
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General Electric Company’s (GE - Free Report) Renewable Energy arm recently signed a deal with Eni SpA (E - Free Report) , per which it will provide its state-of-the-art onshore wind turbines for the Kazakhstan-based Badamsha wind power project of the former.
Inside Story
The Badamsha wind power plant is located in the north western region of Aktobe oblast, Kazakhstan. The 48-mega-watt facility is expected to boost the country’s wind energy production capacity by nearly 25%. Per the deal, General Electric’s Renewable Energy business arm will provide 13 3.8-130 onshore wind turbines for the Badamsha plant. These 3.8 megawatt (MW) turbines will include a 130 meter rotor. The Badamsha plant is the first onshore wind project of General Electric in Kazakhstan.
Renowned Italian multinational oil and gas company — Eni —has been providing its services in Kazakhstan since 1992. The Badamsha project is the former concrete realization of the Memorandum of Understanding that Eni had sighed with General Electric and Kazakhstan’s Ministry of Energy in the last year. Eni stated that the project will likely support the country’s target to fulfil roughly 50% renewable energy demand before 2050.
Eni is an equity partner of various energy projects in the Northern Caspian Sea region. In 2018, the company took up the role of becoming the joint operator for the Isatay exploration block, with Kazakhstan’s state-owned energy company — KazMunayGas. Over the next four years, the company plans to invest nearly €1.2 billion in various renewable energy projects across the world; including wind, solar and hybrid.
General Electric’s Renewable Energy segment includes the hydro power and wind businesses of Alstom. The company believes increasing number of onshore wind orders will strengthen the segment’s performances in the upcoming quarters. General Electric is poised to grow on the back of stronger innovation, strategic restructuring moves, solid international presence and robust end-market sales.
However, over the past three months, shares of this Zacks Rank #4 (Sell) company have lost 15.6%, as against 5.4% growth recorded by the industry it belongs to.
Notably, the company’s shares price declined 2.1% to $11.29 per share since Sep 27, 2018.Weakening GE Power business remains a key cause of concern for the company.
Stocks to Consider
A couple of better-ranked stocks in the same space are listed below:
Macquarie Infrastructure Corporation flaunts a Zacks Rank of 1. The company delivered an average positive earnings surprise of 8.05% over the trailing four quarters.
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And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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General Electric Arm Seals Onshore Wind Project Deal With Eni
General Electric Company’s (GE - Free Report) Renewable Energy arm recently signed a deal with Eni SpA (E - Free Report) , per which it will provide its state-of-the-art onshore wind turbines for the Kazakhstan-based Badamsha wind power project of the former.
Inside Story
The Badamsha wind power plant is located in the north western region of Aktobe oblast, Kazakhstan. The 48-mega-watt facility is expected to boost the country’s wind energy production capacity by nearly 25%. Per the deal, General Electric’s Renewable Energy business arm will provide 13 3.8-130 onshore wind turbines for the Badamsha plant. These 3.8 megawatt (MW) turbines will include a 130 meter rotor. The Badamsha plant is the first onshore wind project of General Electric in Kazakhstan.
Renowned Italian multinational oil and gas company — Eni —has been providing its services in Kazakhstan since 1992. The Badamsha project is the former concrete realization of the Memorandum of Understanding that Eni had sighed with General Electric and Kazakhstan’s Ministry of Energy in the last year. Eni stated that the project will likely support the country’s target to fulfil roughly 50% renewable energy demand before 2050.
Eni is an equity partner of various energy projects in the Northern Caspian Sea region. In 2018, the company took up the role of becoming the joint operator for the Isatay exploration block, with Kazakhstan’s state-owned energy company — KazMunayGas. Over the next four years, the company plans to invest nearly €1.2 billion in various renewable energy projects across the world; including wind, solar and hybrid.
General Electric’s Renewable Energy segment includes the hydro power and wind businesses of Alstom. The company believes increasing number of onshore wind orders will strengthen the segment’s performances in the upcoming quarters. General Electric is poised to grow on the back of stronger innovation, strategic restructuring moves, solid international presence and robust end-market sales.
However, over the past three months, shares of this Zacks Rank #4 (Sell) company have lost 15.6%, as against 5.4% growth recorded by the industry it belongs to.
Notably, the company’s shares price declined 2.1% to $11.29 per share since Sep 27, 2018.Weakening GE Power business remains a key cause of concern for the company.
Stocks to Consider
A couple of better-ranked stocks in the same space are listed below:
Federal Signal Corporation (FSS - Free Report) sports a Zacks Rank of 1 (Strong Buy). The company pulled off an average positive earnings surprise of 22.48% over the past four quarters. You can see the complete list of today’s Zacks #1 Rank stocks here.
Macquarie Infrastructure Corporation flaunts a Zacks Rank of 1. The company delivered an average positive earnings surprise of 8.05% over the trailing four quarters.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>