Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



GE Ramps up Africa Natural Gas Investments

Just one day after General Electric Company (NYSE: GE) unveiled its new Distributed Power business for Africa, as well as plans for diesel-generated electricity in Nigeria, the company announced new natural gas generator orders from Tanzania and Mozambique.

In Tanzania, General Electric will provide four new gas turbines to boost the country's total power capacity by a whopping 15%. The turbines will add 150 megawatts to Tanzania's current energy portfolio, a move that local contractor Jacobsen Elektro AS believes is a win-win situation for all involved.

"This project will help Tanzania reduce its dependence on expensive rental units and strengthen the reliability of its power supply," said Ole Kristian Ødegård, managing director of Jacobsen Elektro AS, in today's press release. "As the EPC [Engineering, Procurement and Construction] contractor for this power plant, we are responsible for the complete turnkey project and choosing the best solution for Tanesco's needs. GE's flexibility and reliable technology were key reasons we chose them for this important project."

The turbines will be hosted at a new power plant facility, which is expected to come online in late 2014 or early 2015. When it does, GE units will lay claim to more than 30% of Tanzania's total electricity generation.

Farther south in Mozambique, local energy company Kuvaninga Energia has ordered up 10 natural gas engines for a new 40 megawatt power plant.

While natural gas might not be an ideal fit for every African country, Mozambique is home to the continent's second largest natural gas reserves. According to the release, those reserves are "being developed at an increasing rate by various multinational oil and gas companies."

"The Kuvaninga Energia project with [GE distributor] Clarke Energy illustrates the growing demand for distributed power technologies that support the local energy security, economic development and health care needs of developing countries in Africa and throughout the world," said Lorraine Bolsinger, president and chief executive officer of GE's Distributed Power business.

If all goes according to plans, the 10 engines should reach Mozambique by Q3 2014.

Discover a top stock pick for 2014
Every year, The Motley Fool's chief investment officer hand-picks 1 stock with outstanding potential. Just click here to download your free copy of "The Motley Fool's Top Stock for 2014" today.

Read/Post Comments (0) | Recommend This Article (3)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2991214, ~/Articles/ArticleHandler.aspx, 8/31/2015 7:02:19 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Justin Loiseau

Energy and Macroeconomic Specialist keeping investors up to date with macro news, utilities, and good companies doing good things.

Today's Market

updated 2 days ago Sponsored by:
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 1.21 0.06%
NASD 4,828.33 15.62 0.32%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

8/28/2015 4:00 PM
GE $25.16 Up +0.15 +0.60%
General Electric C… CAPS Rating: ****