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RUSSIAN FEDERATION : General Electric and United Engine Corporation Signs Engine Deal
Publish Date : 27-Sep-2011
General Electric and United Engine Corporation have signed an agreement to set up a joint business enterprise in Yaroslavl Oblast to manufacture and market high-efficiency 77 MW gas turbines with low 6FA emissions.
Approximately 5 billion rubles will be invested in a new turbine manufacturing facility with anticipated annual revenue of several billion dollars. This project will be financed using partners’ own and borrowed funds. Construction is planned to start in late 2011 to be complete in 2013.
INTER RAO UES, CEO Boris Kovalchuk, said that, “Establishing a joint venture with General Electric and United Engine Corporation is an important step forward in development of INTER RAO UES’ engineering business. There’s a strong growth in demand for modern high-efficiency cogenerating units both in Russia and abroad. They are an ideal choice for the new steam/gas power plants as well as for retrofitting legacy steam/gas combined heating and power plants. INTER RAO is looking to use the turbines manufactured by the new JV at our own facilities to create synergies and promote the new equipment in Russia and internationally. This will help us evolve in a large player in the engineering market fully in line with approved corporate development strategy.”
