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.
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.
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.