GE Announces Agreement with French Export Credit Agency
GE has announced an agreement under which COFACE, the French export credit agency, will provide an additional line of credit for gas turbine combined cycle projects that require export financing in countries such as Saudi Arabia, Mexico, and Brazil.
As a result, GE will invest $40 million to develop 60 hertz heavy duty gas turbine manufacturing capabilities in Belfort, France.
The announcement came at a time when the Export-Import Bank of the United States is prevented from funding large projects because of funding issues involving the U.S. Congress.
“We are proud of the investments we are making in France and in our partnership with COFACE,” said GE chairman and CEO Jeff Immelt. “France continues to deepen export financing capability in global markets. We applaud the Government’s latest efforts to support France as a premier global exporter.”
GE’s announcement follows a 2015 agreement, under which COFACE agreed to provide a line of credit for 50 hertz global power projects, also manufactured in Belfort.
This framework agreement was signed during Immelt’s recent visit with President François Hollande. Hollande is seeking to reinforce France’s position at the heart of the global energy market. The development of GE’s world leading gas turbines with Alstom’s combined-cycle equipment and project capability in France supports this positioning.