GE proposes building two new offshore wind plants in New York

PARETO

General Electric (NYSE:GE) said Thursday it has submitted a plan to build two new manufacturing plants in New York to support the state's effort to use wind turbines for proposed offshore wind farms, provided it wins enough orders from customers.

GE (GE) said the facilities would be located alongside the Hudson River south of Albany, with the company's LM Wind Power subsidiary building a factory to make offshore wind turbine blades, while GE Vernova would construct a separate plant to make nacelles, which sit atop the tower and contain the machinery of a wind turbine.

Construction is contingent upon GE (GE) winning a sufficient volume of wind turbine orders from New York's ongoing solicitation for as much as 4.6 GW of offshore wind development; last year, the company scrapped a plan to build a blade facility for offshore projects in the U.K. after failing to secure enough volume.

Earlier this week, General Electric (GE) reported better than expected overall Q4 adjusted earnings, "solid results for a solid firm," Daniel Jones writes in an analysis newly published on Seeking Alpha.