Gujarat: GE Vernova Set To Supply 51.3 MW Wind Energy To Powerica

GE Vernova

US-based wind energy company GE Vernova recently signed an agreement to supply 51.3 MW of wind turbines to Powerica in Gujarat. For its 51.3 MW project in Devbhumi Dwarka, Gujarat, Powerica has chosen to install 19 GE Vernova 2.7 MW-132 wind turbine generators (WTGs).

Powerica, a key player in both the Independent Power Producer (IPP) and Engineering Procurement and Construction (EPC) sectors of the wind industry, operates a pan-India wind energy portfolio of 280 MW. This project is part of the SECI XVI tranche bid it won. The WTGs for this project are booked in the second quarter of 2024 and are scheduled for delivery starting in November 2024.

Bharat Oberoi, Joint Managing Director of Powerica Limited, said: “We are pleased to use GE Vernova WTGs for our third consecutive project in Gujarat. These high-performance and reliable WTGs are expected to generate approximately 160 million units of power annually, enough to supply energy to thousands of homes and further drive the adoption of renewable energy across the country.”

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Deepak Maloo, General Manager of GE Vernova’s Onshore Wind business in the Asia Pacific, added “We are excited to collaborate with Powerica Limited on their Devbhumi Dwarka project. We highly value our long-standing partnership and are proud to support them in achieving their clean energy goals with our GE Vernova 2.7 MW WTGs, which are ideally suited for this purpose.”

GE Vernova in its Q3 financial results for 2024, posted a revenue trending towards the higher end of $34-$35 billion, adjusted EBITDA margin* of 5%-7%, and free cash flow* of $1.3-$1.7 billion.

The company expects incremental strength in its Power and Electrification segments, with both trending towards the higher end of earnings before interest, taxes, depreciation, and amortization (EBITDA) margin guidance, to offset additional costs in its wind segment, due to the recent Offshore Wind blade events.

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For the third quarter of 2024, GE Vernova still expects solid year-over-year organic revenue growth with adjusted EBITDA* now relatively flat versus the prior year, as a result of the additional Offshore Wind costs. The Wind segment is now expected to generate an approximately $300 million EBITDA loss in the third quarter of 2024 given these costs, despite Onshore Wind delivering a fifth straight quarter of profitability. The company expects the Wind segment to be modestly profitable in the fourth quarter.