General Electric Company (NYSE:GE) Gets the Ownership of Three JVs from ALSTOM (OTCMKTS:ALSMY)


General Electric Company (NYSE:GE) has taken over the ownership of three joint ventures from ALSTOM (OTCMKTS:ALSMY). This is in accordance with the accord entered with Alstom in May 2018.

Following the transfer, Alstom has received €2.594 billion following the transfer of ownership of the JVs to General Electric. There will be no change in the day to day operations since GE already has management control of the joint ventures.

GE Power Bags An Order from Bangladesh to Develop HA Powered Plant

Unique Group has selected GE Power for the development of 600 MW power plant in Bangladesh. The company will use the natural gas based advanced energy solutions to develop the power plant at Meghnaghat. Unique Meghnaghat Power Limited has been entrusted the responsibility to execute this project.

The new power plant in Bangladesh will produce electric power sufficient to meet the energy needs of 700,000 homes. The order value is estimated at $350 million. The turnkey project being developed by GE Power will include a heat recovery steam generator, 9HA.01 gas turbine, condenser, steam turbine generator, and related equipment. The power plant will commence operations in 2021.

It marks an entry for the Unique Group into the power sector. Managing Director of Unique Group, Mohd. Noor Ali said the company is excited to enter into an alliance with GE Power to establish the power plant in Bangladesh. GE will use its expertise in technology and experience gained overseas to manage power plants of large scale.

The power plant will be able to supply quality power to the power grid and contributes to the development of projects and infrastructure in Bangladesh. HA gas turbines are highly efficient in converting the fuel into energy. Its combined cycle net efficiency and combined cycle gross efficiency are 62.22% and 63.08% respectively. The features like additive manufacturing, modular design, and combustion technology of the HA turbines allow the power plant to save costs.

Chief Executive Officer of Gas Power Systems (GE South Asia), Deepesh Nanda said the company is putting in considerable efforts for the growth of the power sector in Bangladesh. GE Power has orders from over 15 nations worldwide.

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