General Electric (GE) arm concludes offers from Kalyon and ACTA MARINE
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General Electricity CompanyGE’s business unit, GE Renewable Energy, announced yesterday that it has been awarded a contract with Kalyon for the delivery of its FLEXINVERTER solar power plant technology. Financial terms of the contract were not disclosed.
The company has also entered into an agreement with ACTA MARINE for the charter of a Service Operation Vessel (SOV).
General Electric’s share price rose 1.8% yesterday, ultimately closing the trading session at $ 98.54.
In the headlines
The company’s FLEXINVERTER solution integrates a solar inverter, medium voltage power transformer, auxiliary transformer and optional MT ring main unit into a single 20ft high cube ISO container. The advanced solution serves as a factory integrated energy conversion system platform for utility scale solar energy and battery storage applications.
This energy storage solution will be used for the 270 MW Karapinar phase II-A and 810 MW Karapinar phase II-B solar power plants, based in Turkey. This is the first implementation of FLEXINVERTER by the company outside of the United States.
GE Renewable Energy will be responsible for the design, engineering, project and site management and commissioning of the Karapinar solar power project. The company’s advanced solar power conversion solution and expertise in grid solutions will help Kalyon deliver additional renewable energy to its customers while increasing plant performance and reducing plant expenses. investment and operation.
The two solar power plants are expected to begin commercial operations by December of next year. This agreement is based on GE Renewable Energy’s strong collaboration with Kalyon, the first to commission the same equipment for the 267 MW Karapinar phase I solar power plant.
As communicated, General Electric will locate the manufacture of DC cables and assembly structures in Turkey. The transformers for the solar inverter system will be manufactured in the manufacturing plant of the company Grid Solutions, based in Gebze.
Separately, GE Renewable Energy has entered into an agreement with ACTA MARINE for the charter of ACTA AURIGA – an SOV. The SOV will facilitate the commissioning of 80 units of its Haliade 150-6MW turbines on the Saint-Nazaire offshore wind farm.
Zacks Rank, Price Performance and Estimated Trend
General Electric, with a market cap of $ 108.2 billion, currently holds a Zacks Rank # 3 (Hold). The company is poised to benefit from strong contracts, a strong liquidity position and portfolio restructuring measures. However, the market challenges in the aviation segment are cause for concern.
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Over the past three months, its share price has fallen 6.3% against the industry’s 4.9% growth.
Zacks’ consensus estimate for 2021 earnings has declined 1% to $ 1.99 in the past 60 days. Profit estimates for 2022 fell 0.7% to $ 4.16 over the same period.
Choice of keys
Some higher ranked actions from the same space are Carlisle Incorporated Companies CSL, Raven Industries, Inc. RAVN, and Crane Co. CR. While Carlisle and Raven currently sport a Zacks Rank # 1 (strong buy), Crane wears a Zacks Rank # 2 (buy). You can see The full list of today’s Zacks # 1 Rank stocks here.
Carlisle has achieved a surprise profit of 39.38%, on average, over the past four quarters.
Raven has achieved a surprise profit of 42.59%, on average, over the past four quarters.
Crane has achieved a surprise profit of 19.54%, on average, over the past four quarters.
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