GE (NYSE: GE) has received contracts totaling $89 million to supply Frame 9F 3-series gas turbines for two new power plants that will produce 675 megawatts of power to help expand Bangladesh’s power generation capacity. The projects will be the first in the country to feature GE’s advanced class gas turbine technology, delivering power with high efficiency, availability, reliability and low emissions.
GE will provide one 9F 3-series gas turbine and parts to Isolux Ingenieria SA of Spain, which is building the Siddirganj Power Plant for the Electricity Generation Company of Bangladesh Ltd. The second 9F 3-series gas turbine will go to Summit Corporation, an independent power producer that is building a new plant in Bibiyana, Bangladesh. GE, Isolux and Summit signed the contract today at a ceremony in Dhaka witnessed by GE Chairman Jeff Immelt, GE India CEO John Flannery along with Isolux Chairman Luis Delso, Summit Corporation Chairman Aziz Khan, U.S. Ambassador to Bangladesh Dan Mozena and Bangladesh government officials.
Immelt noted, “Bangladesh has witnessed consistent economic growth in the past few years. GE aims to provide support to its customers in Bangladesh by leveraging its technological expertise and help the government meet its objective and priorities that contribute to the overall economic development. These two projects are an indication of Bangladesh’s accelerated growth that is accentuated by rapid urbanization; thereby increasing the demand for power. GE is committed to fostering innovations and technologies that build, power, move and help cure the world; this vision is an enabler that would help the people of Bangladesh live better lives."
“The Siddirganj project is a very important step in the government’s initiative to increase Bangladesh’s supply of reliable and efficient power,” said Delso. “We believe that GE’s advanced gas turbine technology, well proven in applications worldwide, is an excellent fit to ensure the success of this vital project.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts