The new model joins the previously unveiled 4.8MW model, with the same rotor, on GE's "Cypress" platform.
Its latest iteration will offer a 50% increase in annual energy production over GE's 3MW platform, the company claimed,.
The new model will be designed for IEC S class wind speeds and, as with the 2MW and 3MW platforms, use a doubly-fed induction generator.
Similarly to the 4.8MW, GE's new turbine will use a two-piece blade design, produced by its Danish subsidiary LM Wind Power.
GE added that the 5.3-158 has also been designed with servicing in mind, acknowledging the demand to optimise performance and life extension in a market now dominated by competitive tendering across the globe.
It said the turbine had "enhancements to help with facilitating up-tower repairs and troubleshooting with its up-tower electrical system, while also pushing the limits of traditional reliability levels on major components, through increased systems level hardware testing and more robust manufacturing processes".
The new model cements GE as the market leader in both onshore and offshore markets in terms of turbine capacity, following the announcement of a 12MW offshore machine in February.
GE's onshore wind CEO, Pete McCabe, said: "The prototype Cypress 4.8-158 is currently under production at our Salzbergen facility in Germany and we are looking forward to deploying and commissioning it by the end of the year.
"This platform, which reflects our relentless focus on quality, will enable our customers to achieve a new level of competitiveness in the power generation marketplace."
GE will be exhibiting the new 5.3MW model at the WindEnergy Hamburg 2018 trade fair this week (25-28 September).
Check back with Windpower Monthly to see regular updates from the show, and for more on GE's new model.