GE Invests $24 Million in India’s Largest Solar Plant
General Electric Co. is putting $24 million in Welspun Energy Ltd., India’s biggest solar power plant. The investment in the 151-megawatt photovoltaic plant is GE’s first in India’s solar industry as the US. Company plans to invest more than $1 billion a year globally in renewable projects that promise significant returns. India, which virtually had no solar power three years ago, seeks to draw more than $11 billion of investments by 2017 to expand capacity sixfold.
Siemens Offers Technology Swap Deal with Alstom to Rival GE’s Bid
Siemens AG offered French rival Alstom SA a deal to swap train and energy assets to beat an offer from General Electric Co., according to people with inside knowledge of the matter. Under the proposal, Alstom will get some of Siemens’ transport assets plus cash payments in exchange for its power business. Siemens is willing to beat the financial terms of GE’s offer on top of job guarantees. Alstom, whose board met on Sunday to examine both offers, said that it is still pondering on the matter and will make an announcement tomorrow.
Four Legislators Honored by NHA for Hydropower Advocacy
The National Hydropower Association awarded four members of Congress with NHA Legislator of the Year honors for championing hydroelectric power through House and Senate legislations. Honored for their work on the Hydropower Regulatory Efficiency Act of 2013 were Senators Ron Wyden and Lisa Murkowski, and Representatives Cathy McMorris Rodgers and Diana DeGette. The bill, enacted by President Obama in August, promotes the development of small and in-conduit hydropower projects and shortens the regulatory timeframe required of certain hydropower projects.
Baker Hughes to Disclose All Fracking Chemicals
Baker Hughes Inc. plans to reveal all of the chemicals used in the controversial rock-breaking technique used to unlock oil and natural gas. In response to public concern about the extraction method, the website FracFocus was created for oil companies to voluntarily disclose the ingredients of their fracturing fluids. Baker Hughes has been in the process of changing its policy for some time, including holding private discussions with its suppliers and engineers to make sure it could disclose all of its chemicals, says Melanie Kamia, a spokeswoman for the Houston-based company.