Research Desk Line-up: Briggs & Stratton Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 /Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for General Electric Co. (NYSE: GE), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=GE. The Company announced on August 17, 2017, that it has signed an agreement to supply and install 123 wind turbines in Australia with Powering Australian Renewables Fund (PARF). The wind turbines are being procured for 453MW Coopers Gap wind farm project in Queensland, Australia. The financial details and other terms of the agreement have not been disclosed by the Company. For immediate access to our complimentary reports, including today's coverage, register for free now at:
Discover more of our free reports coverage from other companies within the Diversified Machinery industry. Pro-TD has currently selected Briggs & Stratton Corporation (NYSE: BGG) for due-diligence and potential coverage as the Company announced on August 16, 2017, its financial results for Q4 FY17 and full year which ended on July 02, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Briggs & Stratton when we publish it.
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Comments from Management
Commenting on signing the supply agreement, Geoff Culbert, President and CEO of GE Australia, New Zealand, and Papua New Guinea, said:
"We are proud to be working with AGL to support Australia's transition to a cleaner, modern energy system. AGL's commitment to a lower emissions future is clear. The Company announced earlier this year it would ramp up investment in renewable energy and decarbonize its generation by 2050. This wind farm represents a significant step towards that goal and we are proud to be a part of that."
Pete McCabe, President and CEO of GE Renewable Energy's Onshore Wind business, stated:
"Australia is a great market for wind. After the US, it is GE's second largest region globally for renewable energy. While we see lots of opportunities in Australia, we need to continue to have policy certainty to drive investment."
Andy Vesey, Managing Director and CEO of AGL, added:
"More than 800 MW of projects have now been vended into PARF in its first 12 months of operation, following the earlier transactions involving the Silverton wind farm project and Nyngan and Broken Hill solar plants in New South Wales. The strong support we have received from our equity partners and lenders for these projects is testament to the readiness of the private sector to invest in Australia's energy transformation."
Details of the supply agreement
This project would be handled by GE Renewable Energy, a subsidiary of GE that offers a wide range of products and services to the renewable energy industry. The Coopers Gap wind farm is GE's first wind-based project in Queensland, Australia. This landmark project is the second major project for GE/AGL partnership. GE and AGL have partnered together for the Silverton Wind Farm located in western New South Wales. Coopers Gap wind farm is also GE's fifth project to begin construction in Australia in 2017.
Out of the total 123 wind turbines supplied by GE, 91 units of them will be 3.6 MW turbines and the remaining 32 units will be 3.8 MW turbines. The 3.6 MW turbines would have 137 meters rotors while the 3.8 MW turbines would have 130 meters rotors. GE would also provide maintenance of the wind farm through its lifetime via a 25-year full-service agreement. Once the project is completed, GE will be responsible for a fleet of wind turbines with a capacity of almost 1.4 GW in Australia.
The project is expected to create new jobs, of which 200 jobs would be created during the peak of construction. The project is also expected to create additional 20 ongoing operational jobs.
About Coopers Gap wind farm
Coopers Gap wind farm project is based at Cooranga North, which is located nearly 250 kilometers north-west of Brisbane. AGL sold off its controlling interest in Coopers Gap wind farm to PARF on August 17, 2017. The project is now being developed by PARF which has been formed as a result of the partnership between AGL Energy Limited and Queensland Investment Corporation. AGL still owns nearly 20% interest in the partnership and the remaining 80% ownership interest is owned by QIC on behalf of its clients the Future Fund and the QIC Global Infrastructure Fund. PARF is aiming to develop approximately 1,000 MW of large-scale renewable energy projects in Australia to be operated and managed by AGL. This represents nearly 20% of the total 5,000 MW of new renewable generation capacity required by 2020 to meet the Australian Federal Government's Renewable Energy Target.
Once completed, it would be one of the largest wind farms in Australia. The 453 MW wind farm is expected to produce approximately 1,510,000 MWh of renewable energy annually. The energy produced at this wind farm has the capacity to power more than 260,000 average Australian homes. The clean energy produced would also help reduce CO2 emissions by 1,180,000 tonnes every year.
The construction on the project is expected to start in late 2017 and be completed by FY19. CATCON, a construction and engineering Company based in Angle Park, South Australia has been tasked with the construction of this wind farm.
Last Close Stock Review
At the close of trading session on Monday, August 21, 2017, General Electric's stock price slightly down 0.24% to end the day at $24.49. A total volume of 45.66 million shares were exchanged during the session, which was above the 3-month average volume of 38.61 million shares. The Company's shares are trading at a PE ratio of 28.08 and have a dividend yield of 3.92%. At Monday's closing price, the stock's net capitalization stands at $213.76 billion.
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