General Electric Company (NYSE:GE) announced today that it has received a whopping 3,900 MW of wind turbine supply orders in the U.S. since Jan. 1, 2013, after a renewable energy tax credit was extended at the start of 2013.
General Electric last updated investors on its wind orders in May 2013 when it announced it had received 1,000 MW of orders. This latest news nearly quadruples that number, a sign that the U.S. government's Production Tax Credit extension is having its intended effect.
To date, GE has installed around 1,100 MW of wind power, with the remaining 2,800 MW to be commissioned or under construction by 2016. "We feel confident that, with our strong backlog of orders, we are strongly positioned for 2014 and 2015," said Anne McEntee, president and CEO of GE's renewable energy business, in today's press release. "As we continue to expand our brilliant wind product line, our customers are seeing efficiencies and capabilities greater than ever before in the wind industry. Through these advancements in technology, combined with strong execution and operations expertise, GE is continuing our commitment to our customers' success and investment in the future of renewable energy."
The company also announced a suite of other wind news today, including more efficient turbine management software, a new rotor extension method to improve output 20%, and a new Brazil order for 32 of GE's new 2.2 MW wind turbines.
Justin Loiseau owns shares of General Electric Company. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.