General Electric Company (NYSE:GE) Renewable Energy announced it secured over 7 GW in onshore wind orders in 2016. The company had previously announced that GE’s Onshore Wind business booked over $3B of orders in the fourth quarter alone, partly thanks to a strong market in the US.

As part of these record results, GE Renewable Energy’s Onshore Wind signed agreements in 19 countries around the world, including orders in Japan, India and Germany. The business also booked orders in Greece and Saudi Arabia for the first time ever. GE’s onshore wind installed base now stands at nearly 57,000 MW of global capacity.

Jérôme Pécresse, President and CEO of GE Renewable Energy said “Developing a strong relationship with our global customers and anticipating their local needs helps us to maintain a leading industry position and meet the growing demand. We are thrilled with the customer response to investments the Onshore Wind team made in developing new products and solutions, especially in the US where our new platform is contributing ~75% of our orders in 2016.”

GE’s growth in onshore wind globally included several milestones the company previously announced in 2016, including:

  • GE successfully completed construction of the first of a three-phase wind project in southeast India, installing 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 project utilizes GE’s new Energy Forecasting application, part of its Digital Wind Farm ecosystem.
  • In Germany, GE Renewable Energy signed its largest wind collaboration in the country to date, a framework agreement with UKA Group to install approximately 250 MW of wind energy across 12 future project sites throughout Germany. GE also signed a Turbine Supply Agreement with Max Bögl Wind AG to deliver and commission the world’s tallest and first ever wind turbine integrated with pumped storage hydro-electric power.
  • GE secured a five-year Digital Wind Farm services contracts for two wind farms in central Japan. Utilizing GE’s prognostics and PowerUp service applications, along with hardware and software enhancements, this will help the turbines run more efficiently and increase overall plant production by up to five percent.
  • In Turkey, GE signed deals for 120MW of installed capacity, including 70MW of brilliant turbines with Dost Enerji for their Bergama Wind Power Plant site.
  • GE also saw significant growth in the United States, with its 2 MW platform.

Shares of General Electric are currently trading at $29.76, up $0.10 or 0.34%. GE has a 1-year high of $33 and a 1-year low of $27.10. The stock’s 50-day moving average is $31.02 and its 200-day moving average is $30.56.

On the ratings front, GE has been the subject of a number of recent research reports. In a report issued on January 24, UBS analyst Shannon O’Callaghan assigned a Buy rating on GE, with a price target of $35, which implies an upside of 18% from current levels. Separately, on January 23, Oppenheimer’s Christopher Glynn reiterated 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, Shannon O’Callaghan and Christopher Glynn have a yearly average return of 13.1% and 15.3% respectively. O’Callaghan has a success rate of 74% and is ranked #141 out of 4382 analysts, while Glynn has a success rate of 74% and is ranked #7.

Overall, one research analyst has rated the stock with a Sell rating, 2 research analysts have assigned a Hold rating and 8 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $36.00 which is 21.4% above where the stock closed yesterday.