GE and EDF have signed a binding agreement under which EDF will acquire GE Steam Power’s activities related to nuclear power generation for an undisclosed sum.
The activities include manufacturing conventional island equipment for new nuclear power plants, including Arabelle steam turbines.
The transaction also includes GE Steam Power’s maintenance and upgrade of existing nuclear power plants in all regions except the Americas.
In addition, EDF obtains steam turbine technology for future nuclear plants, such as the next generation of European pressurised reactors (EPR2) and small modular reactors (SMR).
The transaction is expected to be completed in the second half of 2023, subject to certain customary closing conditions including regulatory approvals.
EDF said that the proposed acquisition will strengthen its position in the French nuclear sector with GE’s technology and services.
The company will benefit from GE’s conventional island technologies and skills that are essential for the maintenance of the existing nuclear fleet and future projects.
The current binding agreement forms the next step in the process that started with the exclusive agreement signed in February this year.
EDF chairman and chief executive officer Jean-Bernard Lévy then said: “EDF is proud to contribute to the achievement of carbon neutrality by preserving this technology.
“This plan to acquire part of GE Steam Power’s nuclear activities including the Arabelle turbine will enable EDF to strengthen its key technologies and skills for the nuclear fleet in operation and for new nuclear projects in France and worldwide.”
Under the earlier agreement, GE would retain a services-focused Steam Power business and offer services for more than 100GW of nuclear turbine islands in the Americas.
The company will also retain GE Hitachi Nuclear Energy, a lifecycle provider for reactor island which will deploy Canada’s first commercial, grid-scale SMR.
GE chairman and CEO H Lawrence Culp, Jr. said: “This plan supports GE’s efforts to focus our portfolio to be a best-in-class services partner to our Steam Power customers through the energy transition.
“Nuclear plays an important role in the energy transition, and GE will continue to support the industry through servicing our nuclear steam turbine fleet in the Americas as well as through GE Hitachi Nuclear Energy’s nuclear reactors, fuels, and services, including our SMR technology.”
