G.E. invested $1.4 billion in solar power in 2011
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- Category: Solar
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01 Mar 2012
- Published on Thursday, 01 March 2012 17:57
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Erratum: Previously this story indicated that G.E. invested $5 billion in solar last year. The $5 billion in fact only represents the total value of projects that GE Energy Financial Services has invested in. We apologize for the error.
GE Energy Financial Services, a unit of G.E., invested nearly $1.4 billion in investment commitments in solar power projects this past year, the company said.
"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.
GE Energy Financial Services, which invests in energy assets, now has a 1-gigawatt portfolio spanning 48 solar power plants in six countries - Australia, Canada, Italy, Portugal, Spain and the United States.
In line with G.E.'s Ecomagination initiative to expand its cleaner energy products and reduce greenhouse gas emissions, GE Energy Financial Services has invested around $8 billion in a portfolio of renewable energy assets such as wind, solar, biomass, hydro and geothermal power, according to the conglomerate.
G.E.'s latest solar power deal is a $100 million investment in the Arlington Valley Solar Energy II project, a crystalline silicon photovoltaic solar farm in Arizona.
GE Energy Financial services provides structured project finance using debt and equity, as well as construction loans, lease financing, funding for late-stage project development efforts and venture capital for promising businesses involved in energy. – EcoSeed Staff
