Wind turbines manufactured exclusively by General Electric Company (GE - Free Report) were recently selected by Italian infrastructure-based construction company Toto Costruzioni S.p.A. for a wind farm project in the Puglia region of Italy. The farm will be operated by Ponte Albanito S.r.l., a special purpose vehicle company formed for this purpose and controlled by majority stakeholder Renexia S.p.A. – a Toto Holding subsidiary.
General Electric will supply eight 2.85-103 wind turbines for the project, which is expected to provide 22.8 MW of power to the grid. The alternative energy produced through this wind farm is estimated to be equivalent to the energy requirements of approximately 15,000 homes in the region.
The project marks the first instance when GE 2.85 wind turbines will be used in Italy. These wind turbines are renowned for their high efficiency levels and offer more energy at minimal sound. In addition to the state-of-the-art wind turbines, the project will also benefit from round-the-clock remote monitoring and diagnostics services through General Electric’s global wind monitoring center in Salzbergen, Germany, which monitors wind turbines in Europe and Asia uninterrupted throughout the year.
The wind farm project is a concerted effort by Italy to meet the energy guidelines of the European Union, which requires the member nations to produce 20% renewable energy by the year 2020. In order to meet this guideline, Italy is likely to install 560 MW of new wind generation capacity per year through 2020.
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 GE Power & Water 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.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include China Merchants Holdings (International) Company Ltd. , Tyco International Ltd. and Hutchison Whampoa Ltd. , each having a Zacks Rank #2 (Buy).