General Electric Co., the US multinational conglomerate headquartered in Boston, had been exploring a sale of its 50 percent stake of a renewable energy joint venture with Italy’s Enel SpA. In fact, it had been new GE CEO, Lawrence Culp’s latest attempt to pay down debts, at least three people familiar with the subject matter told on Wednesday, the 6th of March 2019.
Since taking over GE as CEO in last October, Culp forged several pushes to shed assets in order to pay off debts, and in a latest deal last month, Culp secured more than $21.4 billion in cash by selling GE’s Biopharma business to Danaher Corp.
Never the less, the joint venture, named EGPNA Renewable Energy Partners, was founded in late 2016 between Enel Green Power North America, Enel’s US based renewable subsidiary and GE Energy Financial Services.
According to the sources, excluding the debts, the GE stake at EGPNA Renewable Energy Partners could be valued over $1 billion. One of the company spokesmen revealed on Wednesday (March 6th) in terms of anonymity that the General Electric Corp.
had also employed a bank to assist them in the sell-off and the information is highly confidential. While asked for comments, GE and Enel, both declined to respond immediately.