GE Energy Financial Services Invests in GE-Powered Los Guindos Power Station in Chile
GE (NYSE: GE) Unit, GE Energy Financial Services has partnered in the Chilean power market for the first time with Inprolec SA by acquiring a 75 percent stake in the 139-megawatt open-cycle Los Guindos Power Plant.Inprolec is a member of the Ingelec Group with over 28 years of experience in the energy industry, and was responsible for the development and construction of the plant, continues to manage its operation and retains a 25 percent ownership interest. Situated near the Pacific natural gas pipeline 490 kilometers from Santiago, in the Bio Bio region of Chile, Los Guindos operates as one of the most efficient plants in the region with GE's 9E turbine. Financial details are not disclosed.
This transaction demonstrates GE's commitment to meeting customer needs in Latin America with both capital and technology solutions from the GE Store. The new partnership between GE Energy Financial Services and Inprolec will enable the expansion of Los Guindos to 278 megawatts with the addition of a second GE 9E turbine. The expansion project is currently under development and expected to generate power in 2018. The technology and location of the plant offers the potential to expand it further, with the addition of a steam turbine, to 420 megawatts.
“Los Guindos allows us to deploy capital in one of our priority markets. Our investment offers options for growth alongside an experienced participant in Chile's energy markets with a proven track record of success”Andrew Marsden
Managing Director and head of EMEA & Latin America at GE Energy Financial Services.
Chile continues to be successful in attracting foreign direct investment as a result of macroeconomic and political institutional strength. Los Guindos benefits from the well-established, market based, regulated capacity regime which was designed to provide a stable supply of back-up power to supplement the intermittent sources of renewable energy in the region, in particular hydro and increasingly wind and solar.
Note To Editors:
View a panoramic photo of Los Guindos power plant in Chile, which uses GE's 9E turbine.
About INPROLEC S.A.
Inprolec S.A. is an electricity sector engineering and construction company based in Santiago, Chile, offering a variety of services and specializing in engineering, procurement and construction of energy infrastructure assets, particularly substations, transmission lines and generation units. Inprolec has gained recognition by its high ethical standards, for building large and complex projects and for having a positive impact on its customers, employees and the communities where it workswww.inprolec.cl.
About The Ingelec Group
The Ingelec Group (TIG) is an international conglomerate with a deep regional presence in South America throughout Chile, Bolivia, Brazil and Argentina. The conglomerate operates in the construction, industrial and utilities sectors. TIG has vast experience in the construction of energy infrastructure projects, and has built several transmission lines, substations and power generation plants over the past 28 years.
About GE Energy Financial Services
GE Energy Financial Services-GE's energy investing business-works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money-expertise-for essential, long-lived and capital-intensive power, oil and gas infrastructure-GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. More Information:www.geenergyfinancialservices.com.Follow GE Energy Financial Services on Twitter:@GEEnergyFinServ
GE (NYSE: GE) is the world\'s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.www.ge.com.
GE Energy Financial Services