GE Increases Investment in Renewable Energy with Landfill Purchase

GE Energy Financial Services is diversifying its renewable energy portfolio by increasing its investment in one of the largest landfill gas-to-energy projects in the U.S.

Finances were not disclosed for GE’s acquisition of a 90 percent interest in a limited partnership that operates the Scholl Canyon Landfill gas project in Glendale, California. Scholl Canyon Landfill Gas Corp., an affiliate of Palmer Capital Corp., will continue to manage and direct the operations.

Clean air regulations require that the Scholl Canyon Landfill capture and destroy methane, the powerful greenhouse gas emitted by decomposing landfill waste. The project collects and treats more than 10 million cubic feet of the gas per day. The methane is then transported five miles through a dedicated pipeline to the City of Glendale’s 250-megawatt (MW) Grayson Power Plant, where it is combusted to generate electricity sufficient for 10,000 average California homes.

The new GE investment in Scholl Canyon builds on loans it acquired for the project in 2002, and marks GE Energy Financial Services’ sixth U.S. landfill gas project investment, which is located at one of the 20 largest landfills in the U.S.

“This acquisition draws upon our expertise in both renewable energy technology and project finance to help us diversify our renewable energy footprint and achieve our goal of investing $4 billion by 2010 in renewable energy,” said Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services.

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