General Electric Co.’s Schenectady-based Power & Water unit has landed a $1.7 billion deal with Egypt to provide that country with 43 turbines to add nearly 2.7 gigawatts of power to its electrical grid – enough for 2.5 million homes.
The deal is for 34 turbines made by Power & Water’s distributive power unit based in Cincinnati, which has factories in Wisconsin, Texas and Austria, as well as 12 heavy-duty gas turbines that GE makes in either France or South Carolina.
It does not appear that the order includes any steam turbines made in Schenectady.
“It’s one of the largest single power projects for the year globally,” Power & Water CEO Steve Bolze told Bloomberg news before GE announced the order early Friday. Bolze works out of Schenectady.
The order was signed in December and will start to ship in May.
The deal is the largest for Bolze since GE signed $2.7 billion in contracts with Algeria in 2013 and the largest-ever for GE’s distributed power business.
Egypt is seeking $60 billion in foreign investment as it tries to get to 7 percent annual growth of its gross domestic product.
As part of the deal, GE is also planning a $200 million manufacturing facility in Egypt, which is something GE also did with the Algeria deal.
GE CEO Jeff Immelt is speaking Saturday at the Egypt Economic Development Conference, which opened Friday in Sharm el-Sheikh, a city on the Red Sea.
Here is what GE said about the new manufacturing facility in Egypt:
The deal is for 34 turbines made by Power & Water’s distributive power unit based in Cincinnati, which has factories in Wisconsin, Texas and Austria, as well as 12 heavy-duty gas turbines that GE makes in either France or South Carolina.
It does not appear that the order includes any steam turbines made in Schenectady.
“It’s one of the largest single power projects for the year globally,” Power & Water CEO Steve Bolze told Bloomberg news before GE announced the order early Friday. Bolze works out of Schenectady.
The order was signed in December and will start to ship in May.
The deal is the largest for Bolze since GE signed $2.7 billion in contracts with Algeria in 2013 and the largest-ever for GE’s distributed power business.
Egypt is seeking $60 billion in foreign investment as it tries to get to 7 percent annual growth of its gross domestic product.
As part of the deal, GE is also planning a $200 million manufacturing facility in Egypt, which is something GE also did with the Algeria deal.
GE CEO Jeff Immelt is speaking Saturday at the Egypt Economic Development Conference, which opened Friday in Sharm el-Sheikh, a city on the Red Sea.
Here is what GE said about the new manufacturing facility in Egypt:
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