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DELHI, INDIA – (23 Dec 2025) – GE Vernova Inc. (NYSE: GEV) announced that its Electrification Systems business has been awarded a contract by Power Grid Corporation of India Limited (POWERGRID), India’s national transmission utility, to refurbish the Chandrapur back-to-back High Voltage Direct Current (HVDC) link—a key 1,000 MW interconnection between the country’s western and southern grid systems. This marks GE Vernova’s first HVDC refurbishment contract in India.

Modernizing a vital interconnection between West and South India

The 1,000 MW back-to-back HVDC link plays a pivotal role in balancing regional power flows between India’s western and southern regions. Originally commissioned in the late 1990s, the link enables bi-directional energy transfer between fossil-rich and hydro-rich zones—improving dispatch efficiency and conserving regional energy reserves.

Under the new contract, GE Vernova will upgrade both 500 MW converter stations at each end - Chandrapur (Western region) to Ramagundam (Southern region) - modernizing the HVDC control and protection systems and replacing the legacy converter valves with advanced technology manufactured at GE Vernova’s facilities in India.

“This landmark contract reinforces our long-standing relationship with POWERGRID and our commitment to India’s grid modernization,” said Johan Bindele, Leader of GE Vernova’s Grid Systems Integration business and teams. “Refurbishing this HVDC link with next-generation controls and digital capabilities will not only enhance its reliability but also strengthen India’s efforts toward a secure and sustainable power system.”

Extending grid life, improving stability

Refurbishment of HVDC systems involves upgrading essential components such as converter valves, automation systems, and grid protection infrastructure, all while ensuring minimal operational disruption. The modernization is expected to extend the asset’s lifespan, enhance energy efficiency, and improve grid flexibility to handle growing renewable penetration.

Investments in refurbishment offer utilities a cost-effective way to strengthen infrastructure resilience—preserving prior capital investments while aligning with today’s energy transition needs.

Supporting India’s energy goals

India’s ambitious goal to reach 500 GW of non-fossil capacity by 2030 relies on robust, flexible transmission infrastructure. HVDC systems are essential to move large volumes of renewable power efficiently across long distances.

Refurbishing this strategic inter-regional corridor will help unlock that potential—enabling cleaner energy flows, improving system reliability, and contributing to India's long-term energy security.

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Notes to Editors:

GE Vernova booked the order in December 2025

Forward Looking Statements

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova's expected future business and financial performance, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

Delhi, India – ( 22 Dec 2025) - GE Vernova Inc. (NYSE: GEV) today announced that its Electrification Systems business has been awarded a major contract from Adani Energy Solutions Ltd. to supply high-voltage direct current (HVDC) technology for the 2.5-gigawatt (GW) Khavda–South Olpad renewable power transmission corridor in India. 

The Khavda–South Olpad corridor forms a critical backbone for India’s renewable energy expansion. Khavda, located in Gujarat’s Kutch region, is being developed as one of the world’s largest renewable energy zones, while South Olpad serves as a major pooling and injection point into India’s national transmission network. The corridor is designed to enable large volumes of renewable electricity generated in western India to be transferred efficiently into the wider grid.

GE Vernova’s scope

GE Vernova’s role in the project will be to provide advanced HVDC technology designed to operate at scale and with high reliability. This will include supplying a high-capacity ±500 kV, 2,500 MW (2 × 1,250 MW) voltage sourced converter (VSC)-based bipolar HVDC system for the point-to-point link.

HVDC systems are designed to transmit electricity over long distances with lower losses and greater controllability compared to conventional transmission approaches, making them well suited for large-scale renewable energy integration.

The scope covers the design of the complete HVDC system, including converter stations at each end, the supply of all major converter station equipment, and responsibility for erection, testing, and commissioning activities, excluding associated civil works. The system will be delivered using GE Vernova’s advanced eLumina™ control platform, designed to support stable, secure, and efficient grid operations.

The project will be mostly executed by GE Vernova’s India-based teams, drawing on local engineering expertise and manufacturing capabilities. Delivery will be planned in phases, with overall completion targeted by 2030.

“India is one of the world’s most important power markets, with rapidly growing electricity demand and large-scale renewable development, said Philippe Piron, President and CEO of GE Vernova’s Electrification Systems business.  “Projects like the Khavda–South Olpad HVDC corridor underscore the importance of high-capacity transmission infrastructure in connecting renewable energy zones with the national grid. This award reflects our continued commitment to India and our experience in delivering complex transmission projects that support grid reliability and long-term system performance. We appreciate the confidence placed in GE Vernova by Adani Energy Solutions and look forward to supporting the successful delivery of this project.”

“At Adani Energy Solutions, we are steadfast in our commitment to enabling India’s green energy transition by building robust infrastructure for renewable power evacuation. Our partnership with GE Vernova for the Khavda–South Olpad transmission corridor marks a significant milestone in advancing large-scale clean energy integration. We look forward to working together in delivering innovative solutions that will help power millions sustainably, bringing new opportunities and happiness to communities across the nation,” Mr. Kandarp Patel, CEO, Adani Energy Solutions Ltd.

A milestone for high-capacity HVDC deployment

With a capacity of 2,500 MW, the project represents the highest-rated VSC-based HVDC system planned in India to date. Projects of this scale highlight the growing role of advanced HVDC technology in enabling large-scale renewable integration and strengthening transmission networks in fast-growing power markets.

The successful delivery of high-capacity VSC-based HVDC systems at this level reflects the increasing maturity of next-generation HVDC technology and its readiness to support complex grid requirements—both in India and in other regions facing rapid electrification and demand growth.

Supporting grid stability in renewable-heavy systems

VSC-based HVDC technology plays an increasingly important role in renewable-heavy power systems by providing fast frequency response, enhancing grid stability, and enabling precise control of power flows. These capabilities help manage variability, reduce congestion, and support reliable grid performance as renewable penetration continues to increase.

GE Vernova has a long-standing track record in delivering large-scale transmission projects in India. This includes its role in supplying HVDC technology for landmark projects such as the Champa–Kurukshetra HVDC link, one of the country’s earliest ultra-high-capacity transmission systems, which enabled long-distance power transfer across regions. Building on this experience, GE Vernova continues to support India’s evolving grid requirements through advanced transmission technologies designed for scale, reliability, and integration of new generation sources.

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Notes to Editors:

This letter of award is expected to be booked as an order by GE Vernova’s Electrification Systems segment in the first half of 2026

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

GE Vernova’s Grid Solutions business electrifies the world with advanced grid technologies and systems, enabling power transmission and distribution from the point of generation to point of consumption, and supporting a decarbonized and secured energy transition.

Forward Looking Statements

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements address GE Vernova's expected future business and financial performance, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on business operations, financial results and financial position and on the global supply chain and world economy.

In 2025, as GE Vernova celebrated one full year as a standalone company, the company took ideas that were only recently on the drafting board and put them into action. From small modular nuclear reactors to advanced grid software to a high-voltage superhighway on the Baltic Sea, a new world of innovations is emerging to electrify and decarbonize the world. Take a look at how 2025 was the year GE Vernova began making the future come alive today.

Last month, world leaders met in Belém, Brazil, at the UN’s COP30 summit to share their plans to implement solutions to address climate change.

Berlin, Germany; Singapore (December 11, 2025) – GE Vernova and Seatrium today announced that their consortium has been awarded a contract by TenneT to deliver a major part of BalWin5, a new 2.2-gigawatt (GW) offshore high-voltage direct current (HVDC) grid connection designed to transmit electricity from offshore wind farms in the German North Sea to the onshore transmission network in Germany. Once operational, BalWin5 is expected to provide enough renewable electricity to power approximately 2.75 million households. BalWin5 is one of TenneT’s 2 GW projects. This new generation of powerful offshore grid connection systems is set to speed up the integration of large-scale offshore wind energy into the German grid, thereby supporting the country's energy transition and climate goals.

This contract is the fourth project awarded to the GE Vernova-Seatrium consortium under the five-year Framework Cooperation Agreement with TenneT announced in March 2023. It is also the consortium’s first win concerning TenneT’s German 2 GW projects. BalWin5 marks an important step in strengthening Germany’s electricity infrastructure and supporting the country’s long-term goals for energy security and decarbonization.

GE Vernova and Seatrium consortium’s scope

As part of the contract, GE Vernova’s Electrification Systems business is expected to deliver the onshore and offshore converter stations and the complete HVDC technology, including the advanced control and protection systems that help maintain stable and secure operation across the transmission network. HVDC links are designed to support the high-capacity, long-distance transmission of offshore wind power, helping to reduce transmission losses and improve overall system performance.

Seatrium is responsible for the design and construction of the offshore converter platform and will manage transportation and installation in the German North Sea. Works are scheduled to commence on 1 January 2026, with majority of platform fabrication taking place at Seatrium’s yards in Singapore and Batam.

“BalWin5 reflects the scale and ambition of Germany’s energy transition, and we are proud to support TenneT in this important program. Our Electrification Systems business brings decades of innovation in HVDC technology, helping deliver solutions that are designed for efficiency, affordability, and long-term energy security. Working alongside Seatrium, we are confident in our ability to deliver a high-quality system that strengthens the offshore grid and supports Europe’s move toward a more resilient and sustainable electricity infrastructure.” says, Philippe Piron, CEO, GE Vernova’s Electrification Systems business.

“We are proud to extend our partnership with TenneT and GE Vernova to deliver this transformative offshore wind solution as we collectively push boundaries to accelerate energy transition goals and innovation. Leveraging the proven design and experience gained from the first three platforms we are building for TenneT, we are confident in delivering an equally high-quality product safer and more efficiently through our series-build strategy, underpinned by the collective power harnessed from our One Seatrium Global Delivery Model.” says Samuel Wong, Executive Vice President of Seatrium Energy (Fixed Platforms).

About BalWin5, the 2.2-gigawatt offshore grid connection

TenneT’s BalWin projects are a series of large offshore grid connections designed to transport electricity from wind farms in the German North Sea to the onshore grid. Each project in the BalWin program is built to move significant volumes of renewable energy into Germany’s electricity system as part of the country’s wider offshore wind expansion.

BalWin5 is one of TenneT’s major new projects to bring more electricity from North Sea wind farms into Germany’s power grid. The connection is being designed to carry up to 2.2 gigawatts of wind power to homes and businesses, allowing Germany to make better use of the large offshore wind farms operating in the North Sea. The additional 200 megawatts above the standard 2-GW design come from building the system with enough technical headroom to transport more power when wind conditions allow. This means more renewable electricity can be delivered without needing extra infrastructure or added cost.

The system will include an offshore converter station in the North Sea, an onshore converter station at Bremen-Werderland, and a combined 325-kilometer sea and land cable system. Commissioning is planned for 2032.

Today’s offshore grid connections are typically much smaller, at around 900 megawatts. Increasing the transmission capacity to 2.2 gigawatts means that the connection can carry more power, making use of the infrastructure more efficiently and reducing the overall cost of bringing offshore wind to shore. By transporting more electricity per system, the cost per megawatt falls and the offshore network becomes more efficient.

TenneT is applying this new standard across several projects through long-term framework agreements, which give suppliers clearer visibility and allow the systems to be delivered faster, more efficiently, and at a lower cost.

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Veena P. has learned in her 14 years at GE Vernova that earning patent recognition for her inventions isn’t a matter of waiting for lightning to strike. Instead, the technology manager in electrical systems at GE Vernova’s Advanced Research Center in Bengaluru, India, has developed a systematic process that has helped her successfully register 30 patent applications so far, with more in the works all the time. Her innovations support GE Vernova’s mission to accelerate the energy transition, making power systems more efficient and reliable.

In an increasingly electrifying world, efficiency is crucial. The global energy sector is adopting HVDC (high-voltage direct current) technology for its superior capability and cost-effectiveness over long distances. HVDC systems can transmit more than three times as much power as alternating current (AC), with up to 50% fewer losses.

Let’s say you’re a developing country whose power grid is saddled with inefficient oil-fired power generation and you need to electrify quickly to meet the needs of a fast-growing economy. You might build out your solar, wind, battery storage, natural gas, or all of the above — but who can you call for help and advice?

How does a rock climber from Chile wind up working in America’s intellectual capital, Cambridge, Massachusetts? For Matias Opazo, a pivotal meeting last year with GE Vernova CEO Scott Strazik sparked the beginning of a new career chapter.