General Electric (GE) Sees Wind Turbine Sales Hitting $1B in Brazil

December 3, 2012 4:00 PM EST
General Electric (NYSE: GE) is expecting a large jump in wind turbine orders from a key emerging market over the next 10 years.

Earlier in the session, GE and Renova Energia entered an agreement for GE to supply $394 million worth of wind turbines, which amounts to 230 units.

Looking ahead, GE expects that sales in Brazil will top the $1 billion mark over the next decade. GE's Vic Abate, head of its renewable energy unit, said Brazil will install 1.5-gigawatts (GW) to 3.0-GW of wind turbines per year and that GE will be one of "three or four players" supplying the market.

Abate did note that GE's wind turbine sales will be lower in 2013 as Congress hasn't renewed a 22-cents-per-kilowatt-hour tax credit, which is set to expire at the end of the month.

Total wind capacity in Brazil will rise over 11-fold to 15.6-GW by 2021.

Shares of GE ended 1.4 percent lower.

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