GE Wind Investment Opportunities
GE Continues to Expand its Wind Power Presence
GE had a very eventful day this past Monday, making three substantial announcements pertaining to its wind turbines.
The first announcement unveiled GE’s plan to supply six of its 1.6-82.5 turbines for a community wind project in rural southwestern Iowa to add to two already installed 1.6-82.5 turbines.
The 12.6 MW wind farm will supply electricity to the towns of Greenfield and Fontanelle as well as surrounding communities. The turbines were actually purchased by 180 community members who bought shares in the units. The breakdown is as follows:
The Cumberland Rose Wind Energy Project, located north of Orient, will have one 1.6-82.5 turbine to add to an already installed capacity of 1.5 MW.
The Meadow Ridge Wind Energy Project, located north of Greenfield, will have one 1.6-82.5 turbine to add to an already installed capacity of 1.5 MW.
Wiota Wind Energy Project will have one 1.6-82.5 turbine.
Forward Fontanelle Power will have 1.6-82.5 turbine.
Greenfield Wind Power and Sky Volt projects, both located in Greenfield, will both use one 1.6-82.5 turbine.
This community project was helped along by an Iowa 10-year tax credit for small wind power projects that generate less than 2.5 MW.
GE’s second announcement was that DTE has selected GE technology for four wind projects in Michigan, an investment of $500 for DTE. Under this contract, GE will supply 137 turbines for DTE Energy’s planned wind projects with a total capacity of 220 MW.
GE has agreed to supply DTE with 69 advanced 1.6-100 wind turbines for its Sigel, Minden and McKinley projects and 68 1.6-100 turbines for its project in Chandler Township, near the McKinley project. The 1.6-100 was unveiled last year as the most efficient turbine in its class.
“We’re looking forward to working with GE and its wind turbine technology…the contract with GE also provides the benefit of having the same technology platform on all four wind parks,” DTE Energy executive director of energy, efficiency and renewables Irene Dimitry said.
GE’s third announcement was that sales of the aforementioned 1.6-100 will add 1.8 GW of renewable energy globally by the end of the year. By the end of 2013, over 1,500 of these units are expected to be installed. Sales just of this turbine have exceeded $3.6 billion since its introduction last year. The most recent commitments to these turbines have come from Canada, Brazil, Turkey and the US.
“The market acceptance of our new technology has been widespread and demonstrates the confidence that our customers have in our technology innovation…we developed the 1.6-100 with our customers’ requirements in mind; specifically, the need for technology that improves the economics of wind by increasing turbine efficiency even at lower wind speeds. It underscores our commitment to continue providing value-added solutions to help our customers compete successfully in today’s wind sector,” GE’s Vice President of Renewables Vic Abate stated.