- SERV to mobilize diversified and competitive financing for GE’s power generation technologies to help decarbonize the power sector in emerging and developing markets.
Zurich, Switzerland, June 07, 2022 – GE (NYSE-GE) and Swiss Export Risk Insurance (SERV), the Swiss export credit agency (ECA), today announced their collaboration agreement to support GE’s global energy customers looking to accelerate the transition energetic. Through the joint agreement, SERV will mobilize diversified and competitive financing through insurance and guarantees to enable energy projects in emerging and developing markets to decarbonize the energy sector and increase electrification.
The GE-SERV agreement will help facilitate the significant capital investments required in large-scale, capital-intensive energy projects using existing and cutting-edge technologies. As nations look for ways to meet their net-zero emissions targets, GE will enable Swiss exports across a wide range of power generation technologies, encompassing a mix of gas and renewable energy fuels, to support emerging and developing countries by mobilizing critical energy transition capital to get projects off the ground.
Susan Flanagan, President and CEO of GE Energy Financial Servicessaid: “Strengthening GE’s agreement with SERV will help emerging and developing markets access financing to enable affordable, sustainable and reliable energy. The role of finance and partnerships is vital in enabling nations to use existing technologies and attract future investment to support innovative technologies such as hydrogen and carbon capture, utilization and storage to further accelerate the energy transition.”
GE’s renewed agreement with SERV builds on its successful ~$2.75 billion (B) financing of power projects powered by GE technologies over the past five years in Asia-Pacific, Europe, the Middle East and Africa, and Latin America . Notable GE projects supported by SERV include Summit Meghnaghat II, a 583 MW gas-fired combined cycle power plant in Bangladesh, Agios Nikolaos, an 826 MW gas-fired combined cycle power plant in Greece, and a groundbreaking transaction for CELSE of 1.5 GW in Porto. Sergipe I power plant project in Brazil.
Peter Gisler, Managing Director, SERVsaid: “SERV is proud to be seen as one of the most responsive and flexible export credit agencies, as evidenced by this new cooperation protocol with GE. It is a good example of how SERV can support multinational companies with a presence in Switzerland.” We are excited to work closely with GE on the global energy transition leveraging Switzerland’s engineering expertise and financing capabilities.”
As we approach the 27th session of the Conference of the Parties in Egypt, in order to mobilize considerable capital for significant energy projects, partnerships between export credit agencies, such as SERV, multilateral development banks, private financial institutions, governments and GE customers, as well as local communities, will be critical to unlocking and allocating the flow of capital for a more equitable energy future.
About GE Energy Financial Services
GE Energy Financial Services (“GE EFS”) is a global energy investor with more than 45 years managing assets through multiple energy cycles. GE EFS has built a sophisticated and experienced finance business that connects capital and technology through financing solutions for complex and capital-intensive energy infrastructure projects. GE EFS has deployed more than $50 billion of capital on more than 20 GW of renewable energy projects and more than 50 GW of thermal power projects globally. GE EFS leverages its own balance sheet as well as strategic relationships and partnerships to finance these large projects. It is headquartered in Connecticut with regional centers in London, Houston, Washington DC and Singapore. For more information, visit www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ and LinkedIn.
About GE Gas Power
GE Gas Power is a world leader in natural gas power technology, services and solutions. Through relentless innovation and ongoing collaboration with our customers, we provide the more advanced, cleaner and more efficient energy that people depend on today and build the energy technologies of the future. With the world’s largest installed base of gas turbines and more than 670 million hours of operation in GE’s installed fleet, we offer advanced technology and a level of expertise unmatched in the industry to build, operate and maintain power plants. leading gas. For more information, visit www.ge.com/gas-power/ and follow GE’s gas power business at Twitter and LinkedIn.
Swiss Export Risk Insurance (SERV) insures the political and commercial risks involved in the export of goods and services, providing insurance to exporters, banks and associations. Its insurance and guarantees protect Swiss exporters from non-payment and facilitate export financing by helping borrowers obtain better financing solutions or even access international financing. Therefore, SERV is not only an insurer of last resort, but also a trade facilitator. As a public law institution, the SERV insures exports that private insurers do not cover enough or not at all. Its products are available to all companies domiciled in Switzerland and no minimum order volumes are required.
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GE Energy Financial Services
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[email protected]Simon Denoth
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