GE Energy Invests in eSolar

GE Energy announced today that it has entered into an investment and licensing agreement with California-based eSolar that enables GE GE to deploy Integrated Solar Combined Cycle technology to customers worldwide. eSolar is a provider of next-generation, tower-based concentrating solar thermal technology. MetCap Energy Investments, a Turkish investor and developer of power projects, plans to collaborate with GE in making this investment. “When we look at the long-term future of power generation, we see the importance of integrating natural gas and renewable energy sources in new and innovative ways to provide energy that is cleaner, more cost effective and more reliable,” said Paul Browning, president and CEO— thermal products for GE Energy. “We developed the FlexEfficiency* 50 Combined Cycle Power Plant to enable more renewables to come on the grid and to improve power plant efficiency. Our investment in eSolar is another step in our journey to transform the energy industry.” Under the agreement, GE will license and incorporate eSolar technology into its offers of cost-effective ISCC and standalone solar thermal power plants. The companies expect the transaction, which will establish GE as a minority shareholder, to close within a month. Financial terms are not being disclosed.