TPI Composites, GE Vernova picks for exposure to US wind energy sector, says Evercore

TPI Composites

04/09/2024 13:02

** Brokerage Evercore says its preferred investment in wind
energy is TPI Composites  TPIC.O , a manufacturer of wind
blades, and "in a less direct way" GE Vernova  GEV.N  
    ** Evercore says GEV led turbine installations in 2023 in
U.S., capturing 58% of the market
    ** Brokerage cites three U.S. Department of Energy (DOE)
reports on offshore, land-based, and distributed wind sectors
    ** U.S. offshore wind market experiencing substantial
progress in 2024 with 4,097 MW under construction as of May 31
vs. 938 MW under construction in 2023
    ** Land-based wind had a challenging 2023 due to elevated
interest rates and interconnection challenges; outlook remains
constructive as analysts project growing wind deployment,
boosted by incentives in the Inflation Reduction Act
    ** Distributed wind sector showing steady growth over the
past two decades, with cumulative capacity reaching 1,110 MW
from over 92,000 turbines across all 50 states and territories

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))