NEW YORK (TheStreet) -- Shares of General Electric (GE) - Get Report were gaining in late-afternoon trading on Tuesday as the company partners with privately-held Irish renewable power developer Mainstream Renewable Power to build $1.5 billion in wind power plants in Vietnam, the Wall Street Journal reports.
GE, a Fairfield, CT-based digital industrial company, will provide the technology and a portion of the funding for the project.
The move follows GE's recent push to switch its financing operations to focus mainly on funding infrastructure ventures, according to the Journal.
The investments will be financed with a combination of equity and debt.
Construction on the power plants is estimated to begin in 2018 and will add one gigawatt to Vietnam's total power capacity, the Journal said.
Mainstream Renewable's COO Andy Kinsella said that Vietnam is becoming a large importer of energy.
"There's huge demand for power and they can balance the equation with renewables," Kinsella said, the Journal notes.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.
The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, solid stock price performance, impressive record of earnings per share growth and notable return on equity. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: GE