GE Unit Passes US $4 Billion in Investment

With a goal of investing US $6 billion in renewable energy by 2010, GE Energy Financial Services surpassed the US $4 billion mark this week by investing in New York State’s three newest wind farms. GE will invest a total of US $100 million in the three wind farms, on which construction began last month.

When the projects are completed during the fourth quarter of this year, GE Energy Financial Services will invest equity as the non-managing member of the three New York State farms and Noble Environmental Power will invest as the managing member. With this new investment, GE and Noble will have co-invested in more than 80 percent of New York State’s wind capacity.

The new investments in GE’s portfolio include:

  • The Noble Chateaugay Windpark, 106.5-megawatts (MW) in Franklin County
  • The Noble Altona Windpark, 97.5 MW in Clinton County
  • The Noble Wethersfield Windpark, 126 MW in Wyoming County

“We have reached the US $4 billion milestone just five months after hitting US $3 billion, confirming that renewable energy is our fastest-growing business,” said Alex Urquhart, President and CEO of GE Energy Financial Services. “Such project-level investments — coupled with our venture capital investing in clean tech, GE’s technology and research — reinforce GE’s company-wide leadership in renewable energy.”  
 
GE Energy Financial Services closed more than US $2 billion of renewable energy transactions last year, and by 2010 expects they will comprise 20-25 percent of its overall energy and water portfolio, up from approximately 10 percent in 2006.  Including the three new wind farms, GE Energy Financial Services has invested or committed to invest equity in 76 wind farms, with a total capacity of more than 4,000 MW worldwide.

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