tiprankstipranks
Two General Electric consortiums awarded EUR 10B in contracts
The Fly

Two General Electric consortiums awarded EUR 10B in contracts

GE Renewable Energy’s Grid Solutions business announced that it has been awarded three High-Voltage Direct Current, or HVDC, contracts for a total of approximately 6B euros as part of a specially formed consortium with Sembcorp Marine for TenneT’s innovative 2GW Program in the Netherlands. The contracts have been awarded as part of a five-year framework cooperation agreement with the possibility to extend for another three years. Furthermore, TenneT and a consortium formed by GE and McDermott have entered into an agreement based on which TenneT plans to award two further HVDC contracts in Germany for a total of approximately 4B euros to this consortium in April. The five contracts for the GE consortia are among 11 two-gigawatt, or GW, contracts awarded to HVDC suppliers by the Dutch-German Transmission Systems Operator, or TSO, as part of its goal to connect 40 GW of offshore wind farms to the high voltage grids in the Netherlands and Germany. TenneT’s large-scale project resulted from the Esbjerg Declaration in May 2022 at the North Sea Energy Summit, where Germany, the Netherlands, Denmark, and Belgium agreed to jointly install at least 65 GW of offshore wind energy by 2030 – p from 20 GW- to accelerate Europe’s energy security following recent geopolitical developments. TenneT plans to install 20 GW each in the Dutch and German North Sea. The GE consortia projects cover the offshore converter platforms and the onshore converter stations for the two-way conversion between alternating and direct current. The converter stations are based on bipolar Voltage-Sourced Converter technology and will have double the capacity compared to previous monopole grid connection systems, resulting in fewer cables and platforms.

Published first on TheFly

See today’s best-performing stocks on TipRanks >>

Read More on GE:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles