GE (NYSE: GE) Wind Turbine Investing

GE to Supply Turbines in Romania and Sweden


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General Electric’s (NYSE: GE) Power and Water unit announced Monday it will supply seven 2.5-103 GE wind turbines to Energia Verde Ventuno’s Cerna Wind Park in Tulcea, Romania. This should generate power adequate for some 7,000 Romanian households once operations begin later in 2013.

The deal covers around 17.5 megawatts and is worth $30 million, inclusive of maintenance and service agreements.

From GE’s press release:

“Romania has huge potential for wind energy development,” said Mario Costariol, director of Energia Verde Ventuno, a Romanian special purpose company. “The wind energy sector will be able to develop jobs and help boost the economy, especially in the poorer rural areas of the country.”

Part of the funding for this project comes from the European Union’s Sectoral Operational Programme for the Increase of Economic Competitiveness, highlighting the EU’s continued commitment to cleaner power generation technologies.

GE’s Cerna service agreement extends for the next ten years.

Separately, GE will also provide ten 1.6-100 wind turbines to Sweden’s Fredriksdal Energi AB, a wholly-owned subsidiary of Stena Renewable AB. This will provide 16 MW, or adequate power for around 11,000 Swedish households.

From GE’s press release:

“After thorough evaluation and procurement we selected GE wind turbines. We prioritized long-term and stable suppliers, as well as turbine performance. We are very happy for the cooperation with GE and are looking forward to realizing this project together,” said Peter Zachrisson, managing director, Stena Renewables.

GE hopes to set the turbines in place over this year.

The deals represent GE’s increasing prominence across the EU. GE had also been the supplier for wind turbines for Europe’s largest onshore wind project, the 600-MW Fantanele/Cogealac wind park, which generates enough power for over 1 million Romanian households annually.

In addition, GE technologies are in use at three other Romanian wind farms.

 


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