GE, Abu Dhabi fund strike global partnership
NEW YORK, NEW YORK - General Electric Co. and an Abu Dhabi-based sovereign fund have agreed to a global partnership that includes a commercial finance business, research center for clean energy and water, and plans to expand GE's aircraft engine service and repair in the Middle East.
GE and Mubadala Development Co. plan to each allocate $4-billion (US) in equity to the commercial finance venture over three years.
Mubadala is a sovereign fund based in Abu Dhabi, the capital of the United Arab Emirates.
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How the dirtiest power station in western Europe switched to renewable energy
LONDON - A power station that used to be the biggest polluter in western Europe has made a near-complete switch to renewable energy.
The Drax Power Station in Yorkshire, England, used to spew out millions of tons of carbon dioxide a year by burning coal. But over the past eight years, it has overhauled its operations by converting four of its six coal-fired units to biomass. The plant's owners say it now generates 15% of the country's renewable power.
The change means that just 6% of the utility's power now comes from coal. The ultimate goal is to stop using coal altogether.
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