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General Electric (GE) Arm Clinches Wind Turbine Deal in Japan

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General Electric Company (GE - Free Report) unit GE Renewable Energy recently announced that it secured an onshore wind turbine contract from Green Power Investment (GPI) for the Fukaura Wind Farm in Fukaura Town, Nishi Tsugaru District, Aomori Prefecture, Japan.

Per the latest deal, GE Renewable Energy will be responsible for supplying 19 units of its 4.2-117 onshore wind turbines. The onshore wind turbines have a rotor diameter of 117m, and a hub height of 110m and will be operated at 4.2MW. These turbines at the wind farm will have an instilled capacity of 79.8MW. The installation process of the onshore wind turbines is expected to start in the second quarter of 2023. The turbines will likely come online in 2024. The deal includes a 10-year full-service contract, which could be extended later.

Fukaura Wind Farm is located close to Japan’s northwestern sea border. Given the complex location, the GE 4.2-117 onshore wind turbines are designed to minimize unfavorable impacts on the environment, and efficiently deal with the adverse weather conditions and the unique wind environment of Japan.

This marks GE’s third such project with GPI in Japan. GPI’s projects in Tohoku region are supported by Tohoku Electric Power Co., Inc., its strategic partner.

Zacks Rank & Stocks to Consider

GE currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the conglomerates sector are discussed below.

Carlisle Companies (CSL - Free Report) sports a Zacks Rank #1 (Strong Buy), currently. CSL pulled off a trailing four-quarter earnings surprise of 28%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

In the past 60 days, Carlisle’s earnings estimates have increased 14.7% for 2022. The stock has rallied 32.4% in the past six months.

Griffon Corporation (GFF - Free Report) has a Zacks Rank #2 (Buy) at present. GFF delivered a trailing four-quarter earnings surprise of 104.6%, on average.

In the past 60 days, Griffon’s earnings estimates have increased 3% for fiscal 2022 (ending September 2022). The stock has surged 36% in the past six months.


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