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GE sells energy investments to capital fund for USD one billion

American industry giant General Electric is selling its renewable energy portfolio for USD one billion to capital fund Apollo Global Management.

Photo: General Electric Company

US industry group General Electric (GE) has sold a portfolio of a total value of approximately USD one billion, including debt in investments in renewable energy, to capital fund Apollo Global Management. It marks the first large, rapid deal made under new CEO H. Lawrence Culp who stepped into the role a few days ago after successor John Flannery who only spent one year in the job.

According to CNN, the portfolio consists of approximately 20 investments in renewable energy and natural gas as well as infrastructure in the oil and gas industry and investments in GE Capital's Energy Financial Services business unit which invests and finances customers within fields including renewable energy.

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