NEW YORK (TheStreet) -- General Electric (GE) wants to invest hundreds of millions of euros in renewable energy products in Europe this year, according to Andrew Marsden, GE's European managing director.
"We are very much in growth mode. If we find the right investments, we will deploy the capital," said Marsden.
GE Energy Financial Services last month acquired two wind farm projects in Ireland that combined will produce 51 megawatts, enough to power 33,000 homes and cut greenhouse gas emissions by 75,000 tons a year. Those projects are expected to be completed by next year. GE Energy Financial Services currently has 12 GW of wind projects in use or in production around the world.
Europe is an attractive region for green energy development because of the European Commission's "20-20-20" targets, which offer subsidies for renewable energy producers interested in investing in the continent to help it reduce 1990s level greenhouse gas emissions by 20% by 2020.
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TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about its recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in stock price during the past year, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."