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$10 billion renewable energy investment by GE Energy Financial Services

GE bankrolls $10bn renewables http://renews.biz/65461/ge-bankrolls-10bn-renewables/ United States-based GE Energy Financial Services has exceeded $10bn in renewable energy investment commitments worldwide, including $8bn in wind power projects.
The financing agency expects it will continue to invest more than $1bn annually in wind, solar and other renewable energy projects, its fastest-growing energy sector and one that often facilitates sales of GE’s energy technology.
“Our rapid growth in renewable energy investments benefits not only GE’s customers and shareholders but society at large,” said GE Energy Financial Service CEO David Nason.
“These benefits will increase as we execute on a robust pipeline of prospective new investments that provide excellent risk-adjusted returns, serve as a catalyst for the growth of GE’s industrial energy business, and provide customer value.”
GE’s renewable energy projects represent 17GW of generating capacity. Of the more than $10bn in cumulative equity and debt investment commitments, $8bn are in more than 12GW of wind farms and $1.7 billion are in 1GW of solar power installations, with the balance in other renewables.
The projects span 16 countries and 28 states, helping 18 states meet their renewable portfolio standards. The developments create an estimated 10,000 direct US jobs, according to National Renewable Energy Laboratory and GE modeling.
GE capital is working in southern California to complete the 550MW Desert Sunlight solar power project, which uses GE power inverters and is already producing more than 375MW.
It’s also building wind farms in Ireland, Nebraska, Illinois and Texas. The wind farms under construction or completed use more than 4,400 GE turbines.

April 25, 2014 - Posted by Christina Macpherson | 2 WORLD, business and costs, renewable