General Electric (NYSE: GE) announced that it has received orders for up to $89 million to supply Frame 9F 3-series gas turbines that will power two new plants in Bangladesh. The plants will collectively provide 675 megawatts of energy, and they will be the first in that country to use GE’s latest gas turbine technology that delivers high-efficiency power with maximum availability, reliability, and low emissions.
One turbine and parts will go to Isolux Ingenieria SA of Spain, which is currently developing the Siddirganj Power Plant for Bangladesh’s Electricity Generation Company, and the second will be delivered to Summit Corporation (LON: SUMM), which is building a plant in Bibiyana, Bangladesh. GE, Isolux, and Summit all signed a contract in Dhaka on Wednesday.
The GE press release quotes Chairman Jeffrey Immelt:
Immelt noted, “Bangladesh has witnessed consistent economic growth in the past few years. GE aims to provide support to its customers in Bangladesh by leveraging its technological expertise and help the government meet its objective and priorities that contribute to the overall economic development. These two projects are an indication of Bangladesh’s accelerated growth that is accentuated by rapid urbanization; thereby increasing the demand for power. GE is committed to fostering innovations and technologies that build, power, move and help cure the world; this vision is an enabler that would help the people of Bangladesh live better lives."
The plant at Siddirganj will begin operations in the fourth quarter of 2014, and the Bibiyana plant in the second quarter of 2015. The Bangladeshi government hopes to increase national electricity capacity to 20 GW, up from today’s 8, within the next 6-8 years. The country is just halfway electrified and generally carries a 1.4 GW deficit during peak hours.
The 9F 3-series turbines are designed for 50 Hz applications and are highly adjustable to counter unstable power demands. Such systems have already completed 10.5 million operating hours on a worldwide basis.
Trillions will be spent to secure the world's energy supply over the next two decades... and all sources are on the table.
Oil, Natural Gas, Solar, Wind. There will be money made.
By signing up, you'll also get our latest report, Six Oil & Gas Steals.