Wednesday, February 29, 2012

GE Energy Financial Services more than doubles global solar power investments

SAN DIEGO & ARLINGTON, USA: GE unit GE Energy Financial Services announced that it has more than doubled its global solar power investment commitments in the past year to $1.4 billion, for nearly $5 billion in projects. Its latest deal is a $100 million investment in a 127-megawatt project that will be built in Arizona.

GE Energy Financial Services announced at the Infocast Solar Power Finance & Investment Summit in San Diego that its one-gigawatt portfolio spans 48 solar power plants – including 24 San Diego school rooftops -- in six countries: Australia, Canada, Italy, Portugal, Spain and the United States.

“We started last year with the goal of increasing our investments in solar power given improving solar technologies and decreasing costs, and have exceeded our own expectations by doubling our portfolio, investing in attractive projects across the globe,” said Alex Urquhart, president and CEO of GE Energy Financial Services.

Kevin Walsh, managing director and leader of power and renewable energy at GE Energy Financial Services, added that deploying capital at such large scale – for nearly $5 billion in projects -- has helped not only GE but the entire solar power industry grow. “We continue to seek to invest in the best solar power projects – with solid partners, power contracts and proven technology.”

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