GE Energy Financial Services announced today it has exceeded $10 billion
in renewable energy investment commitments worldwide to become one of
the industry’s leading investors. The projects generate twice the
electricity consumed in Los Angeles annually, avoid greenhouse gases
equivalent to the annual car emissions in Massachusetts, and create an
estimated 10,000 US jobs.
GE Energy Financial Services expects it will continue to invest more
than $1 billion 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 David Nason,
President and CEO of GE Energy Financial Services. “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 Energy Financial Services’ renewable energy projects can generate 17
gigawatts of electricity, enough for an estimated 3.7 million homes --
more than twice what Los Angeles homes consume. Of the more than $10
billion in cumulative renewable energy equity and debt investment
commitments, $8 billion are in more than 12 gigawatts of wind farms and
$1.7 billion are in one gigawatt of solar power installations, with the
balance in other renewables. Geographically diversified, the projects
span 16 countries and 28 states, helping 18 states meet their Renewable
Portfolio Standards.
The renewable energy projects avoid the annual emission of about 26
million metric tons of greenhouse gases, the equivalent of 5.6 million
cars, according to US Environmental Protection Agency methodology. The
projects create an estimated 10,000 direct US jobs, according to
National Renewable Energy Laboratory and GE modeling.
GE Energy Financial Services’ capital is working in southern California
to complete the 550-megawatt Desert Sunlight solar power project, which
uses GE power inverters and is already producing more than 375
megawatts. It’s also building wind farms in Ireland, Nebraska, Illinois
and Texas, the No. 1 US state in installed wind power. The wind farms
under construction or completed use more than 4,400 GE turbines,
underscoring GE’s ability to provide both capital and technology.
Since forming its renewable energy unit in 2006 with Kevin Walsh as its
head, GE Energy Financial Services has invested an average of $1 billion
a year. “Despite major changes in regulations, government incentives and
energy markets,” said Walsh, “we have become one of the world’s largest
renewable energy investors. Critical to our continued growth and that of
the renewable energy industry is the need for long-term, predictable
government policies. When such policies are in place, the industry has
responded with more investment, lower costs and improved technology.”
GE Energy Financial Services’ growth tracks industry-wide expansion.
Electricity generation from renewable sources grew from 8.3 percent of
total US power load in 2007 to 12.9 percent in 2013, Bloomberg New
Energy Finance estimates. Clean energy generation sources and energy
efficiency improvements have driven US greenhouse gas emissions down
nearly 10 percent since 2005, reversing decades of increases, the
Bloomberg affiliate says. Since 1997, it says, 94 percent of new US
power capacity has come from natural gas or renewable energy. Cumulative
installed renewable electricity capacity more than doubled from
2008-2013, to 192 gigawatts.
Note to Editors:
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing business—works as a
builder, not just a banker, to help meet the world’s power and fuel
needs. We offer more than money—expertise—for essential, long-lived and
capital-intensive power, oil and gas infrastructure—GE’s core business.
Drawing on GE’s energy technical know-how, financial strength and risk
management, we see value where others don’t and take on our customers’
toughest challenges with flexible equity and debt transaction
structures. Based in Stamford, Connecticut, GE Energy Financial Services
holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com.
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ
About GE
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Copyright Business Wire 2014