Dec 05 2011 |
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GE Signs $300M Contract With Saudi Electricity To Expand Power Plants
Monday, Dec 05, 2011
DOW JONES NEWSWIRES
General Electric Co. (GE) signed a $300 million contract with Saudi Electricity Co. (5110.SA) to expand six power plants across Saudi Arabia in order to meet increased power demand and avoid blackouts.
The expansions, which include 13 gas turbines, are expected to add nearly 800 megawatts of power to the Saudi grid by the summer of 2013. The new contract will bring the number of GE turbines delivered for Saudi Electricity projects to nearly 200 in the last five years.
Separately, GE also said Capstone Turbine Corp. (CPST) will continue to build GE's Clean Cycle generators through January 2016 under an extended original-equipment-manufacturing agreement.
Capstone, a maker of low-emission microturbine systems, has seen significant interest in the Clean Cycle generator since Organic Rankine Cycle technology was added to the California Self-Generation Incentive Program, meaning qualifying California utility customers can receive up to a $1,250-a-kilowatt rebate.
GE shares recently were up 1.6% to $16.34 premarket.
(END) Dow Jones Newswires
05-12-11 1426GMT
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