General Electric Company ‘s GERenewable Energy segment recently signed a contract with Mass Energy Group Holding – a subsidiary of Mass Global – for the development of 100 MW Mass Wind project in Jordan.
Per the deal, General Electric will offer its modern generation of 3.6-137 wind turbines to Mass Energy Group, which in turn, will help this clean energy project to meet its power requirements of more than 150,000 houses. The project marks the first of this type in Jordan for both the companies.
Notably, GE Renewable Energy, along with its consortium partner, Elecnor, inked a contract for the engineering, procurement as well as construction of the project. Working in collaboration with Mass Global, General Electric will provide its modern wind technology, which is expected to boost Jordan’s renewable energy sector and strengthen its capability of domestic energy production. Additionally, the project is likely to reduce emissions of carbon by 233,800 metric tons yearly. Particularly, the company’s advanced wind technology will allow Mass Global to bring efficient and flexible operations to the latest wind farm.
General Electric is poised for long-term growth with improved performances from the emerging markets like India and China. Going ahead, the company intends to focus on three core segments – power, aviation and healthcare equipment – which require advanced hi-tech products with a high degree of reliability. Going ahead, these products are expected to generate higher margins and contribute to higher long-term growth.
Nonetheless, the company’s stringent cost-cutting and simplification initiatives are anticipated to improve its profitability, moving ahead. Furthermore, General Electric generates solid cash flow, which allows it to invest in product innovations, acquisitions as well as business development.
Recently, it entered into an agreement with Veritas Capital, a private equity firm to sell a trio of its health-care information technology business, as well. This divestment is a part of General Electric’s initiatives to sharpen its focus on smart diagnostics and connected devices, and streamline its operations.