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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
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General Electric : GE Renewable Energy to Integrate Energy Storage for the 200 MW Solar River Project, One of The World's Largest Grid-Scale Hybrid Renewable Projects

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09/19/2019 | 04:16am EDT

The Solar River Project and GE Renewable Energy announce today that GE has been selected for the supply and integration of one of the largest grid-scale battery technology hybrid deployment to be installed for the Solar River Project in South Australia. The energy storage system, called the Reservoir, will be coupled to a large 200 MW photovoltaic generation plant.

The Solar River Project CEO Mr Jason May said, "The award of the battery to General Electric is another major milestone for the project. General Electric is a world leader in renewable energy storage technology, and we are very excited to have them on board. General Electric brings a cutting-edge technology to South Australia, by delivering huge energy transfer capacity with an intelligent operating system".

Solar River Project will see a 200-megawatt photovoltaic array, which includes more than 640,000 solar panels and the installation of GE's 100-megawatt, 3 hours battery storage system, delivering almost 300 MWh storage capacity, which could transfer up to 400 megawatt hours of electricity per day, one of the largest batteries in the Southern Hemisphere. The Solar River Project, one of the world's largest grid-scale hybrid renewable projects, will be located in South Australia's Mid North, halfway between Burra and Morgan, and aims to supply enough affordable and reliable renewable energy to power 90,000 South Australian homes.

The South Australia Electricity Grid has one of the peakiest loads in the world, and the battery energy storage system can allow the plant to deliver firm generation and assist in smoothing peaks, contributing to a more stable network for years to come. The storage system is designed to capture the energy produced by the solar sources, for use in time of power demand, which can increase the availability of the plant and enable optimal use of the solar PVs.

Prakash Chandra, Renewable Hybrids CEO, GE Renewable Energy, says "The Solar River Project will be a flagship for the renewable energy industry and for GE's role in building out Renewable Hybrid plants. Hybrid solutions have become a reality, driven by the demand for reliable and dispatchable renewable energy, which we can integrate using our proprietary controls technology to optimize asset and customer outcomes. We are proud to have been selected by the Solar River Project to deliver this very important project that will benefit a large community in this part of the world."

The Solar River Project received Crown Development Approval in June last year, and. Stage 1 of the project is intended to see the first electricity generated in early 2021. For further information and updates: www.srproject.com.au

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About GE Renewable Energy

GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.

Follow us at www.ge.com/renewableenergy, on www.linkedin.com/company/gerenewableenergy, or on www.twitter.com/GErenewables

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(C) 2019 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2019 116 B
EBIT 2019 10 700 M
Net income 2019 3 394 M
Debt 2019 43 743 M
Yield 2019 0,45%
P/E ratio 2019 20,5x
P/E ratio 2020 17,7x
EV / Sales2019 1,06x
EV / Sales2020 1,10x
Capitalization 79 765 M
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Number of Analysts 20
Average target price 10,78  $
Last Close Price 9,14  $
Spread / Highest target 53,2%
Spread / Average Target 17,9%
Spread / Lowest Target -45,3%
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H. Lawrence Culp Chairman & Chief Executive Officer
Jamie S. Miller Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James J. Mulva Independent Non-Executive Director
William Geoffrey Beattie Independent Director
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