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General Electric Company (GE) Unleashes New Offshore Wind Turbine in Germany


General Electric Company (NYSE:GE) Renewable Energy has revealed its first offshore installation of a new wind turbine: the 150-6MW GE HaliadeTM. The 396MW Merkur Offshore Windfarm in Germany is set to see the finished installation of 66 of these wind turbines by roughly September this year. All the while, commissioning activities are poised to keep rolling along through the close of 2018.

Worthy of note, the windfarm lies around 35km north of the island of Borkum, in the North Sea. Installation vessel SeaFox 5 sailed from Merkur’s logistic hub in Eemshaven (Netherlands) carrying blades, towers, nacelles and other components needed to start the installation of the first set of wind turbines at sea.

In the meantime, remaining nacelles, blades and tower pieces will be shipped to Eemshaven logistic hub until mid-summer 2018, where local teams will perform pre-assembly works.

John Lavelle, VP & CEO of GE’s Renewable Energy Offshore Wind business, said “this is a very important milestone for us. Only a year and a half ago we were supporting the installation of the first offshore wind project in US (Block Island), and in a year we have completed installation in China and started installation of one of the largest offshore windfarms in Germany, making us the only offshore wind turbine supplier to have projects in Europe, Asia and the Americas.”

GE Renewable Energy was selected in June 2015 by Merkur Offshore Company to deliver 66 GE HaliadeTM 150-6MW offshore wind turbines to what will become one of Germany’s largest offshore windfarms, capable to generate approximately 1,750 GWh annually, enough clean energy to power around 500,000 homes in the region. A 10-year Operation & Maintenance service is also included as part of the contract.

The offshore wind turbines have three main components – nacelles, towers, and blades- that are manufactured in different locations and shipped to Eemshaven, where they are prepared for installation at sea. Nacelles are produced in Saint-Nazaire (France), blades are made in Castellon (Spain) by LM Wind Power, and towers are manufactured in Germany and China.

About the Merkur Windfarm:

  • Maximum output: 396 MW
  • Turbines: 66 x Haliade™ 150-6MW
  • Expected completion: end of 2018
  • Location: North of Borkum Island (Germany)
  • Distance from coast: 35 km
  • Service contract: 10-year full scope service contract
  • Expected local homes powered: 500,000
  • Pre-assembly & Commissioning harbor: Eemshaven (Netherlands)
  • Ownership: Merkur Windfarm GmbH

Analyst Ratings

How does Wall Street size up this industrial giant? According to TipRanks, the analyst consensus is predominantly cautious on GE shares. Out of 14 analysts polled in the last 3 months, 2 are bullish on General Electric, 9 remain sidelined, while 3 are bearish on the stock’s market opportunity at play. However, consider that the 12-month average price target stands at $16.20, suggesting an encouraging almost 12% in return potential for the stock.