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United States : GE ENERGY to finance $10bn renewable energy

April 26, 2014

GE Energy Financial Services announced that it has outstripped $10bn in renewable energy investment commitments worldwide, including $8bn in wind power projects.

The financing agency anticipates it will carry on investment 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.

GE Energy Financial Service CEO David Nason commented, Our rapid growth in renewable energy investments benefits not only GE s customers and shareholders but society at large.

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, the CEO added.

GE s renewable energy projects serve 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 extent 16 countries and 28 states, it will assist 18 states to meet their renewable portfolio standards. The establishments build an estimated 10,000 direct US jobs. At present, 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. In addition, it is constructing wind farms in Ireland, Nebraska, Illinois and Texas. The wind farms under construction or completed use more than 4,400 GE turbines.

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Source: TendersInfo (India)

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