General Electric Company’s (GE - Free Report) business unit, GE Renewable Energy, recently clinched a contract from the EDF Renewables / SITAC Group joint venture to deliver its state-of-the-art wind turbines.
Per the deal, GE Renewable Energy will be responsible for delivering 112 units of its 2.7 MW wind turbines with 132m rotor to the Sitac Kabini wind farm based in Gujarat, India. As noted, the installation and commissioning of wind turbines, which will be completed over the coming year will bring the total installed capacity of the wind farm to 300 MW. This will facilitate the production of adequate green energy for more than 1.3 million people, catering to the growing demands for electricity.
Featuring an improved level of annual energy production, the company’s 2.7 MW wind turbines help its customers to reduce cost of energy with low wind speed sites. The latest deal will also enable the government of Gujarat to meet its renewable power obligations by helping it to increase the renewable sources percentage to 17% of its installed capacity by 2021 from the current level of 10%.
It’s worth mentioning here that the company has developed the turbine at its technology center located in Bangalore, India.
General Electric intends to become more competent by focusing on core businesses. In June 2018, it rolled out a business portfolio restructuring program to become a high-tech industrial company focused on Aviation, Power and Renewable Energy. Although the company is working toward improving operations in the Power segment, challenges persist.
In the past three months, the Zacks Rank #4 (Sell) company’s share price has lost 3.1% compared with 4.8% decline recorded by the industry.
Stocks to Consider
Some better-ranked stocks are Graco Inc. (GGG - Free Report) , Griffon Corporation (GFF - Free Report) and Tetra Tech, Inc. (TTEK - Free Report) . While Graco and Griffon sport a Zacks Rank #1 (Strong Buy), Tetra Tech carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Graco pulled off positive surprise of 0.40%, on average, in the last four quarters.
Griffon delivered positive earnings surprise of 20.34%, on average, in the trailing four quarters.
Tetra Tech came out with positive surprise of 8.31%, on average, in the last four quarters.
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