General Electric (NYSE:GE) Renewable Energy unit announced that it will provide its latest generation of 3.6-137 wind turbines to Mass Energy Group Holding, a subsidiary of Mass Global, to develop a 100 MW Mass Wind project in the Jordan. This clean energy project will meet the power requirements of over 150,000 homes and reduce carbon emissions by 233,800 metric tons annually.
This will be the first windfarm in Jordan for both GE and Mass Global and builds on their longstanding business relationship. GE Renewable Energy and their consortium partner Elecnor signed a contract for the engineering, procurement and construction of the project.
Set to be operational by the end of 2019, the Mass Wind project supports Kingdom of Jordan’s commitment to meeting its renewable energy targets, outlined in its Vision 2025, to increase the share of renewable energy in the total energy mix to 11% and drive domestic energy production to 39%.
Dr. Manar Al Moneef, General Manager, GE’s Onshore Wind Business, in Middle East, North Africa, and Turkey, said: “The greenfield wind project in Rashadeh is aligned with Jordan’s Vision 2025 to strengthen the renewable energy sector and boost domestic energy production, and adds significant value to the economy and the local community. Through our cooperation with Mass Global for its first project in Jordan, we are proud to provide our advanced wind technology that is ideally suited for Jordan and the region’s needs.”
Mr. Shadi Abu Al-Khair, Director General of the Commercial Department of Mass Jordan for Renewable Energy, said: “To develop this project is a milestone in our international expansion and our commitment to showcase our competencies in the energy and renewable energy sectors across the region. GE’s wind technology is leveraged globally, and by working with GE, we are bringing highly flexible and efficient operations to the new wind farm that will serve Jordan’s people.”
GE Renewable Energy is strengthening its presence in the wind energy sector of the Middle East region having recently marked a milestone with the supply of two wind turbines to the Kingdom of Saudi Arabia and to the Dhofar windfarm in Oman. GE’s global wind footprint extends to more than 35 countries with over 60 Gigawatts of onshore wind turbines installed across the globe.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on April 5, RBC analyst Deane Dray reiterated a Hold rating on GE, with a price target of $17, which implies an upside of 30% from current levels. On April 3, Citigroup’s Andrew Kaplowitz maintained a Buy rating on the stock, without providing a price target.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Deane Dray and Andrew Kaplowitz have a yearly average return of 5.7% and 1.3% respectively. Dray has a success rate of 59% and is ranked #729 out of 4758 analysts, while Kaplowitz has a success rate of 49% and is ranked #2531.
Overall, 3 research analysts have rated the stock with a Sell rating, 8 research analysts have assigned a Hold rating and 2 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 $15.00 which is 15% above where the stock closed on Friday.