General Electric Company (NYSE:GE), through its GE Renewable Energy business, today announced that it has completed construction of the first of a three-phase wind project in southeast India, namely 30 units of GE’s 1.7-103 technology. Mytrah Energy Limited’s Aspari I, the first 51 MW of a planned 200 MW project, is now erected and ready for commissioning. The full scope of the project, located in the Kurnool district of Andhra Pradesh, is expected to consist of 52 units of GE’s new 2.3-116 technology, plus 47 units of its 1.7-103 machine. The site will also utilize GE’s new Energy Forecasting application, part of its Digital Wind Farm ecosystem.
Ravi Kailas, Founder & Chairman of Mytrah Energy Ltd., said, “Our collaboration with GE is helping us drive higher production and more value by incorporating the latest digital technologies into our wind operations.” Projects like the Aspari wind farm will be important contributors toward helping India reach its national goal of achieving 175 GW of renewable energy capacity by 2022,” he added.
India’s national wind energy target is part of a broader pledge to achieve 40 percent non-fossil fuel generation capacity by 2030. The Aspari project will also support the state government’s commitment to add 9 GW of additional renewable power capacity across Andhra Pradesh over the next five years.
Anne McEntee, President & CEO of GE’s Onshore Wind business said, “GE is proud to support the expansion of wind power in India. The Aspari project is a good example of the added value that comes from combining multiple hardware and software technologies to better match specific conditions across a large site. That’s the power of the Digital Wind Farm.”
The Aspari wind farm will utilize GE’s Energy Forecasting application, part of a new suite of software applications for the Digital Wind Farm. The app helps improve wind farm profitability by utilizing weather forecasting data to generate more accurate financial modeling and better predict the next day’s grid supply and demand fluctuations. GE’s full suite of applications are built on the Predix* software platform, which includes specialized cybersecurity protection for operational technology.
The full project installation will occur in three phases over the coming months. (Original Source)
Shares of General Electric closed yesterday at $29.88, up $0.34 or 1.15%. GE has a 1-year high of $33 and a 1-year low of $24.69. The stock’s 50-day moving average is $30.56 and its 200-day moving average is $30.51.
On the ratings front, GE stock has been the subject of a number of recent research reports. In a report issued on September 8, William Blair analyst Nicholas Heymann reiterated a Buy rating on GE, with a price target of $38, which implies an upside of 27% from current levels. Separately, on September 7, Bernstein Research’s Steven Winoker maintained a Hold rating on the stock.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and Steven Winoker have a total average return of 1.6% and 9.1% respectively. Heymann has a success rate of 48% and is ranked #2062 out of 4185 analysts, while Winoker has a success rate of 72% and is ranked #633.
The street is mostly Bullish on GE stock. Out of 11 analysts who cover the stock, 5 suggest a Buy rating , 4 suggest a Hold and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $30.50, which represents a slight upside potential from current levels.