Ontario Teachers' Pension Plan said it will finance development of GE9X engine
TORONTO—The Ontario Teachers’ Pension Plan (OTPP) plans to fund the development of GE Aviation’s next-generation jet engine.
According to the OTPP, it has entered a strategic partnership with GE Aviation “to support the development” of its new GE9X engine.
The GE9X engine is slated to power Boeing Co.’s new wide-body 777X aircraft, and is expected to provide a 10 per cent improvement in fuel consumption over the existing GE90-115B engine.
The 777X aircraft is scheduled to enter service in 2020.
The OTPP said it has also entered a financing deal with the Development Bank of Japan (DBJ) in connection to the GE partnership.
Financial details were not disclosed.