General Electric: GE strengthens agreement with Swiss export credit agency SERV to support the global energy transition

GE (NYSE-GE) and Swiss Export Risk Insurance (SERV), Switzerland’s export credit agency (ECA), today announced their collaboration agreement to support GE’s global energy customers looking to accelerate the energy transition. Through the joint agreement, SERV will mobilise diversified and competitive financing through insurance and guarantees to enable energy projects across the emerging and developing markets to decarbonise the energy sector and increase electrification.

The GE-SERV agreement will help facilitate the significant capital investments required on large-scale, capital-intensive energy projects with existing and breakthrough technologies. As nations look at ways to meet their net-zero targets, GE will enable Swiss exports through a broad range of power generation technologies, encompassing a mix of gas and renewable energy fuels, to support emerging and developing countries by mobilising critical energy transition capital to get projects off the ground.

Susan Flanagan, President & CEO, GE Energy Financial Services, said: “Strengthening GE’s agreement with SERV will help emerging and developing markets access financing to enable affordable, sustainable and reliable energy. The role of finance and partnerships is vital in enabling nations to use existing technologies and attracting future investment to support breakthrough technologies such as hydrogen and carbon capture, utilisation and storage to further accelerate the energy transition.”

GE’s renewed agreement with SERV builds on the success of ~$2.75 billion (B) in financing of energy projects equipped with GE technologies over the past five years across Asia-Pacific, Europe, Middle East and Africa and Latin America. Milestone GE projects supported by SERV include Summit Meghnaghat II, a 583 MW gas-fired combined cycle power plant in Bangladesh, Agios Nikolaos, an 826 MW gas-fired combined cycle power plant in Greece and a ground-breaking transaction for CELSE’s 1.5 GW Porto de Sergipe I power plant project in Brazil.

Peter Gisler, CEO, SERV, said: “SERV is proud to be viewed as one of the most responsive and flexible export credit agencies, as this new protocol of cooperation with GE demonstrates. It is a good example of how multinational companies with a Swiss footprint can be supported by SERV. We are excited to work closely with GE on the global energy transition by leveraging Swiss engineering know-how and financing capacity.”

As we head toward the 27th session of the Conference of the Parties in Egypt, to mobilise sizable capital to significant energy projects, partnerships between export credit agencies, like SERV, multilateral developments banks, private financial institutions, governments and GE customers, as well as local communities, will be critical to unlock and allocate the flow of capital for a more equitable energy future.