Wind turbines manufactured exclusively by
General Electric Company
) were recently selected by Italian infrastructure-based
construction company Toto Costruzioni S.p.A. for a wind farm
project in the Puglia region of Italy. The farm will be operated
by Ponte Albanito S.r.l., a special purpose vehicle company
formed for this purpose and controlled by majority stakeholder
Renexia S.p.A. - a Toto Holding subsidiary.
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General Electric will supply eight 2.85-103 wind turbines for the
project, which is expected to provide 22.8 MW of power to the
grid. The alternative energy produced through this wind farm is
estimated to be equivalent to the energy requirements of
approximately 15,000 homes in the region.
The project marks the first instance when GE 2.85 wind turbines
will be used in Italy. These wind turbines are renowned for their
high efficiency levels and offer more energy at minimal sound. In
addition to the state-of-the-art wind turbines, the project will
also benefit from round-the-clock remote monitoring and
diagnostics services through General Electric's global wind
monitoring center in Salzbergen, Germany, which monitors wind
turbines in Europe and Asia uninterrupted throughout the year.
The wind farm project is a concerted effort by Italy to meet the
energy guidelines of the European Union, which requires the
member nations to produce 20% renewable energy by the year 2020.
In order to meet this guideline, Italy is likely to install 560
MW of new wind generation capacity per year through 2020.
General Electric is one of the largest and most diversified
technology and financial services corporations in the world. With
products and services ranging from aircraft engines, power
generation, water processing and security technology to medical
imaging, business and consumer financing, media content and
industrial products, the company serves over 100 million
Its segments include Power & Water, Oil & Gas, Energy
Management, Aviation, Healthcare, Transportation, Home &
Business Solutions and GE Capital. The GE Power & Water
segment produces gas, steam and aero derivative turbines;
generators; combined cycle systems; and renewable energy
solutions, as well as provides water treatment services and
General Electric currently has a Zacks Rank #3 (Hold). Other
companies in the industry that are worth mentioning include
China Merchants Holdings
Tyco International Ltd.
Hutchison Whampoa Ltd.
), each having a Zacks Rank #2 (Buy).