- General Electric Co is exploring a sale of its 50 percent stake in a renewable energy joint venture with Italy’s Enel SpA, the latest deal GE CEO Lawrence Culp is pursuing to pay down debt, according to people familiar with the matter.
The joint venture, called EGPNA Renewable Energy Partners, was formed in late 2016 between Enel’s U.S.-based renewables subsidiary, Enel Green Power North America and GE Energy Financial Services. It could be valued at more than $1 billion, excluding debt, according to the sources. GE Energy Financial Services has been selling down its portfolio under a plan to reduce those holdings to about $5 billion by the end of 2019 from $10 billion in 2017. GE sold pieces last year to Starwood Property Trust Inc and Apollo Global Management.
Source: Energy Industry News (energyindustrynews.net)
GE sells off the E for $5B, lowers debt ratio to “Still Fucked
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