GE secures agreement with KUKE
KUKE to mobilise export credit financing worth €1 billion for GE technologies to support decarbonisation in the energy sector and increase electrification globally.
GE (NYSE-GE) and KUKE, Poland’s Export Credit Agency (ECA), today announced a strategic export finance co-operation agreement worth €1 billion to help GE’s global energy customers decarbonise the energy sector and increase electrification globally. Through the joint agreement, GE in Poland will work with KUKE to secure debt insurance on agreed transactions, which will help facilitate significant capital investment, and enable a mix of renewable and gas power projects globally through Polish exports and supply chain.
Partnering with Poland’s export credit agency will unlock and mobilise sizable capital to significant energy transition projects across the world. Access to competitive finance is critical in emerging countries to increase electrification, while addressing the energy trilemma of affordable, sustainable and reliable energy. KUKE is one of many leading export credit agencies supporting GE customers globally.
Under the agreement, GE will be the second global organisation to use KUKE’s financial instrument from its new export support programme. KUKE’s financing solutions from the programme serve to encourage industry players to invest, manufacture and export technology around the globe, including new markets, while supporting local supply chains in Poland.
We are delighted to partner with GE to support the company and its customers in the energy transition around the world. Through KUKE’s innovative financing solutions, we can effectively contribute to further business development of international companies in Poland that create new jobs, invest in R&D and co-operate with vast number of Polish companies. Our mission is to assist companies deliver international projects that bring positive impact to the environment and improve the living standards of people in developing countries.
GE has cemented a strong footprint in Poland, employing around 4,500 employees in multiple GE businesses, including, Renewable Energy, Gas Power and Aerospace. For example, LM Wind Power, a GE Renewable Energy business, employs around 1,200 employees at its Goleniow onshore wind turbine blade manufacturing site in Poland. GE has eight facilities across the country specialising in research, production and services and GE’s Engineering Design Center (EDC) is located in Warsaw with over 1,200 engineers, who focus on technology development across GE’s businesses.
Our collaboration with KUKE will further strengthen Poland’s manufacturing and export capabilities in support of the energy transition globally. GE supports customers in their decarbonisation journey. We are committed to leading a more sustainable power industry and what’s most exciting for the longer-term is the ability to decarbonize gas generation capacity (both new and existing) via a combination of pre and post combustion technologies. Case in point, GE’s 9HA.02 turnkey combined cycle gas turbine technology includes DLN 2.6e combustion system capable of burning up to 50% by volume of hydrogen when blended with natural gas, with the capability to achieve 100% hydrogen, a potential pathway to decarbonise gas turbines.
