General Electric Company (NYSE:GE) has received its largest renewable energy order to date in Thailand, which will contribute to the country’s goal to reach 40% of renewable energy in its energy mix by 2036.
Specifically, GE Renewable Energy and GE Power recently announced agreements to provide 270 MW of wind energy capacity to Wind Energy Holding (a member of Thailand’s KPN Group) for the Theparak Wind Farm in Central Thailand.
GE Renewable Energy is set to provide a total of ninety 3.0-137 wind turbines with 156.5m hybrid towers, making those the tallest turbines it has ever installed outside of Europe.
Pete McCabe, President & CEO of GE’s Onshore Wind Business, said “Partnering with Wind Energy Holding and contributing to Thailand’s largest Onshore Wind Farm is a terrific win for the whole GE team. Our 3.0-137 wind turbine with its 156.5m tower is ideal for the very specific wind conditions in Central Thailand and has the potential to contribute to reaching grid parity for onshore wind in the country.”
GE Power will supply the wind turbine’s electric drive train with generators and pitch motors and will also supply the collector and grid interconnection substation packages, including high voltage switchgears, transformers, SCADA controls, telecommunications and power systems studies for the wind farm. The 270 MW of capacity will be installed in three phases of 90 MW each and is scheduled to begin commercial operations in 2018. The scope of the project also includes a 15-year Full Service Agreement between Wind Energy Holding and GE Renewable Energy.
Kovit Kantapasara, President & CEO of GE Thailand said, “This project is a great example of what is possible when we put the full power of GE to work in helping Thailand reach its renewable energy goals. By collaborating with experts across our wind and grid business, our customer will be able to implement a solution that ensures full integration from the turbines all the way to the local utility.”
On the ratings front, General Electric stock has been the subject of a number of recent research reports. In a report issued on December 8, Goldman Sachs analyst Joe Ritchie reiterated a Hold rating on GE. Separately, on November 21, Deutsche Bank’s John G. Inch reiterated a Sell rating on the stock and has a price target of $15.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joe Ritchie and John G. Inch have a yearly average loss of -2.3% and a return of 13.6% respectively. Ritchie has a success rate of 46% and is ranked #3811 out of 4722 analysts, while Inch has a success rate of 78% and is ranked #709.