Electronics and electrical engineering company
) recently extended its service and maintenance contract with RES
Americas, one of the leading renewable energy companies in North
America, for two of its wind power projects in Texas. The
extension will facilitate RES Americas to avail Siemens' services
for an additional 15-year period beyond the expiry of the
existing 5-year contract period.
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According to the terms of the contract, Siemens will provide
service, maintenance, and warranty for the 26 SWT-2.3-93 wind
turbines operating at RES Americas' Whirlwind Energy Center and
the 72 SWT-2.3-93 units at RES Americas' Hackberry Wind Farm.
These wind power projects cumulatively produce 226 megawatts (MW)
of electricity, which is adequate to meet the energy requirements
of 68,000 Texas households annually.
With the contract extension, the projects are likely to perform
seamlessly leveraging the advanced remote monitoring and
diagnostics features of Siemens' Advanced Grid Performance (AGP)
upgrade that enable the wind park operators to adjust according
to the constantly evolving grid requirements.
Wind power and related services are an integral part of Siemens'
Environmental Portfolio, which recorded revenues of about €33
billion in fiscal 2012, thereby making it one of the world's
largest suppliers of eco-friendly technologies reducing carbon
dioxide (CO2) emissions by over 330 million tons.
Siemens' Energy business segment comprises Power Generation (PG),
Power Transmission & Distribution (PTD) divisions, Fossil
Power Generation, Renewable Energy and Solutions for the Oil and
Gas Industry. The PG division offers services and products, such
as the planning and construction of power plants, the manufacture
and installation of components and systems, power plant upgrades,
energy management systems, and fuel cells. It also supplies
turbines, compressors, and complete solutions for industrial
plants, particularly in the oil and gas industry. The PTD
Division is a manufacturer, systems integrator and provider of
solutions and services for the power utilities and industry
customers, which enables utilities to transport and distribute
Siemens presently has a Zacks Rank #3 (Hold). Other players in
the industry worth reckoning include
Research Frontiers Inc.
), each carrying a Zacks Rank #2 (Buy).