Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

GE, Turkish Firm Win UES Plant Deal

General Electric and a Turkish firm have won a tender called by Unified Energy System to construct two power units in Siberia, UES said Wednesday.

The U.S. firm and Turkey's Gama Guc Sistemleri bid in excess of 20 billion rubles ($774 million) in offering the lowest cost of construction for the two units of 800 megawatts each at power generator OGK-4's Surgut thermal power station. UES is spinning off power generating assets, including OGK-4, in a wide reform designed to increase competition within the country's power network.

UES said that the tender, which was held via the B2B-Energo trading system used by UES companies for procurement, attracted more than 30 bidders, including Power Machines and Electrouralmontazh.

OGK-4 plans to invest $3 billion to 2011. UES has estimated its total investment needs at dozens of billions of dollars as it rebuilds the country's aging power system to meet rising demand for electricity spurred by economic growth.