May 10 (Renewables Now) - French transport systems group Alstom (EPA:ALO) said today it has agreed to exit its joint renewables and grid businesses by selling its interest to US partner General Electric Co (NYSE:GE).
Assuming that Alstom makes use of certain options between September 4 and September 10, GE will also be required to buy the French group’s interest in their third joint venture, focused on nuclear power. Alstom will receive a total payment of EUR 2.594 billion (USD 3.08bn) in exchange for its stakes, it said.
The transfer of all interests is expected to occur on October 2, 2018.
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 1.189)