GE and Caithness Energy Business Deal
General Electric Co. is nearing a deal with Caithness Energy with a potential value of more than $1 billion to supply equipment for multiple power plants in the U.S. GE would provide as many as six of its new H-class gas turbines, along with steam turbines and other equipment, the companies announced Wednesday. The pact, covering plants to be developed in 2017 and 2018, is expected to become final by the end of this month. A deal would be a boon for GE as Chief Executive Officer Jeffrey Immelt reorients it around industries such as energy, aviation and oil. The Boston-based company shed most of its finance and consumer operations while bulking up equipment manufacturing through agreements including the $10 billion acquisition of Alstom SA’s power division. The so-called HA turbine, a Winnebago-sized unit that is the company’s most efficient, is crucial to GE Power as global population growth drives demand for electricity. GE committed $2 bil...