UPDATE 1-GE signs $2.7 bln power generation contracts with Algeria
Sept 23 (Reuters) - General Electric Co said it signed three contracts valued at $2.7 billion with Algeria to supply power generation equipment and turbines to the country's power plants.
GE said one contract, worth $1.9 billion, was with Societe Algerienne de Production de l'Electricite, a unit of Algeria's national electricity and gas company, Sonelgaz Group, to supply power generation equipment and services for six combined-cycle power plants.
These plants will increase Algeria's power generating capacity by 70 percent, adding more than 8 GW of electricity, GE said.
The other two contracts comprise two fast-track projects that add 528 MW of capacity for this summer's peak demand, and a new simple-cycle power plant to add 370 MW to Algeria's electricity grid, the company said.
GE shares closed at $24.01 on Friday on the New York Stock Exchange.