General Electric CompanyGE’s GE unit, GE Renewable Energy, yesterday won a contract to supply onshore wind turbines to the Lincoln Land Wind project. The financial terms of the contract were kept secret.

It should be noted here that General Electric shares gained 0.9% yesterday, closing the trading session at $ 13.09.

Funds managed by the global investment manager Ares Management CorporationARES Infrastructure and Power owns the Lincoln Land Wind project. In particular, Ares Infrastructure and Power is committed to providing financing in the sectors of energy transport, climate infrastructure and natural gas production.

Inside the titles

As stated, GE Renewable Energy will supply 107 units of its 2.82-127 onshore wind turbines to the wind project. In addition to the supply of turbines, Renewable Energy will provide full turbine related services for 20 years, in accordance with the terms of the contract.

The Lincoln Land Wind project in Morgan County, Illinois has a power generation capacity of 302 MW. After its completion by the end of 2021, the project is expected to deliver low-cost renewable energy to the United States.

Renewable Energy supplies offshore wind turbines, high voltage equipment, blades for wind turbines (onshore and offshore) and other products and services. Its revenue in the first quarter of 2021 increased 1.7% year-over-year to $ 3,248 million. Organically, segment sales were stable year over year, while orders increased 13%.

Other recent contracts won by GE Renewable Energy

In May 2021, GE Renewable Energy finalized contracts for the supply of Haliade-X wind turbines for the Dogger Bank wind farm. Financial terms of the contract were not disclosed by the parties involved. In addition, Renewable Energy was awarded a contract from the Austrian national rail operator, ÖBB, for the supply of pumped storage turbines (variable speed).

In April 2021, GE Renewable Energy was awarded a contract from CleanMax to supply 42 units of onshore wind turbines (2.7-132) for the latter’s onshore wind hybrid projects in India. In addition, the company will provide related services to CleanMax for 10 years.

Zacks Rank, Price Performance, and Estimates Trend

General Electric currently has a market cap of $ 113.9 billion and a Zacks # 3 (Hold) rank. Portfolio restructuring measures, a healthy liquidity position and solid contracts obtained should help the company in the coming quarters. Persistent challenges in aviation are cause for concern.

Over the past three months, General Electric’s share price has risen 4.8% against industry growth of 9.4%.

The company’s earnings estimates are set at 26 cents for 2021 and 53 cents for 2022, reflecting improvements of 8.3% and 1.9% from the respective figures of 30 days ago. In addition, profit estimates are set at 4 cents for the second quarter of 2021, reflecting growth of 33.3% from the figure of 30 days ago.

General Electric Company price and consensus

General Electric Company Price Consensus Table | Quote from General Electric Company

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