Ontario Teachers’ financing development of next-gen GE jet engine
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.