October 3 (Renewables Now) - French transport systems group Alstom (EPA:ALO) announced Tuesday that it has concluded the planned exit of its joint renewables and grid businesses with US partner General Electric Co (NYSE:GE).
GE has paid EUR 2.594 billion (USD 2.99bn) in cash for Alstom’s stakes in three joint ventures focused on renewables, grid and nuclear power. The French company said it will use the sale proceeds to support its strategic development and to pay out an extraordinary distribution of up to EUR 4 per share to its shareholders.
The two companies formed the three joint ventures in 2015, when Alstom sold its power and grid businesses to GE. The plan was for one of the jointly-owned companies to be focused on offshore wind and hydropower.
(EUR 1.0 = USD 1.153)