- SERV will mobilize diversified and competitive financing for GE’s power generation technologies to help decarbonize the energy 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 agreement to work together to support GE’s global energy customers looking to accelerate the energy transition. 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 the electrification.
The GE-SERV agreement will help facilitate the large capital investments required for large-scale, capital-intensive energy projects with existing and breakthrough technologies. As countries look for ways to reach their net zero goals, GE will enable Swiss exports through a wide range of power generation technologies, encompassing a mix of renewable energy gas and fuels, to support countries emerging and developing countries by mobilizing critical capital for the energy transition to get projects off the ground.
Susan FlanaganPresident and CEO, GE Energy Financial Servicessaid: “GE’s enhanced agreement with SERV will help emerging and developing markets access finance to enable affordable, sustainable and reliable energy. The role of finance and partnerships is critical in enabling nations to use existing technologies and attract future investment to support breakthrough technologies such as hydrogen and carbon capture, utilization and storage to further accelerate the energy transition.”
GE’s renewed agreement with SERV builds on the successful completion of approximately $2.75 billion (G) of energy project financing featuring GE technologies over the past five years in Asia Pacific, Europe, Middle East, Africa and Latin America. Milestone GE projects supported by SERV include Meghnaghat II Summita 583 MW gas-fired combined cycle power plant in Bangladesh, Agios Nikolaosan 826 MW gas-fired combined cycle power plant in Greece and an unprecedented transaction for CELSE’s 1.5 GW Port of Sergipe I Power plant project in Brazil.
Pierre GislerCEO, SERVsaid: “SERV is proud to be considered one of the most responsive and flexible export credit agencies, as this new cooperation protocol with GE shows. It is a good example of how multinational companies based in Switzerland can be supported by SERV. We are delighted to work closely with GE on the global energy transition by leveraging Swiss engineering know-how and financing capacity.”
As we head towards the 27th meeting of the Conference of the Parties in Egypt, in order to mobilize significant capital for important energy projects, partnerships between export credit agencies, such as SERV, multilateral banks of development, private financial institutions, governments and GE customers, as well as local communities, will be essential 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 of experience managing assets across multiple energy cycles. GE EFS has built a sophisticated and experienced finance business linking capital and technology through financing solutions for complex, capital-intensive energy infrastructure projects. GE EFS has deployed more than $50 billion of capital in more than 20 GW of renewable energy projects and more than 50 GW of thermal energy projects worldwide. GE EFS relies on its own balance sheet as well as strategic partnerships and relationships to finance these major projects. Its headquarters are located 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 global leader in natural gas power technology, services and solutions. Through constant innovation and ongoing collaboration with our customers, we deliver more advanced, cleaner and more efficient energy that people depend on today and build the energy technologies of the future. With the largest installed base of gas turbines in the world and more than 670 million operating hours on GE’s installed fleet, we offer cutting-edge technology and an industry-leading level of experience to build, operate and maintain state-of-the-art gas-fired power plants. For more information, please visit www.ge.com/gas-power/ and follow GE’s gas power business on Twitter and LinkedIn.
Swiss Export Risk Insurance (SERV) insures commercial risks involved in the export of goods and services, providing insurance to exporters, banks and associations. Its insurance and guarantees protect Swiss exporters against non-payment and facilitate export financing by helping borrowers obtain better financing solutions or even access international financing. SERV is therefore not only an insurer of last resort but also a trade facilitator. As an institution under public law, SERV insures exports that private insurers do not cover sufficiently or at all. Its products are available to all companies domiciled in Switzerland and no minimum order volume is required.
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