GE Energy Financial Services Surpasses $15 Billion in Renewable Energy Investments
May 23 2017 - 8:00AM
Business Wire
- Investments span wind, solar and other
renewable technologies across 17 countries
- Approximately 1.4-GW of U.S. project
investments expected to come online in 2017
GE Energy Financial Services, a business unit of GE (NYSE:GE),
announced today, at the American Wind Energy Association’s (AWEA)
WINDPOWER 2017 conference, that it has exceeded $15 billion in
renewable energy investment commitments in wind, solar, and other
renewable energy projects globally. Over the past three years, GE
Energy Financial Services has committed to invest approximately $5
billion in renewable energy projects, exceeding its 2014 commitment
to invest $1B per year.
Global renewable energy investments continue to outpace fossil
fuel investment by two-to-one. Renewables is GE Energy Financial
Services’ fastest growing business segment. Its investment
commitments span 17 countries, comprise 75 percent wind, 18 percent
solar and seven percent other renewable technologies, and include
two recent off-shore wind investments – the U.S. Block Island Wind
Farm and Merkur Offshore Germany.
“Renewable energy has a vibrant future with demand increasing
across the world, and it creates jobs and addresses global
environmental challenges,” said David Nason, President and CEO of
GE Energy Financial Services. “With GE at the forefront of
technology and digital advancements, we continue to invest in this
attractive asset class.”
Consistent with the GE Capital strategy to more closely align
with its industrial businesses, GE Energy Financial Services
invests equity and debt, and helps to place capital, in support of
GE and its customers globally.
The $15 billion investment milestone occurs on the heels of an
active 2016 for the industry. In 2016, GE Energy Financial Services
invested tax and cash equity in 16 U.S. renewable energy projects,
of which approximately 1.4-GW is expected to be operational in
2017. The fourth quarter was reported by AWEA as the second
strongest quarter for U.S. wind installations on record, with GE
Renewable Energy leading in market share.
“Wind power is a winning investment for Americans in all 50
states,” said Tom Kiernan, CEO, AWEA. “With companies like GE at
the forefront, wind increasingly powers our economy, creating
good-paying jobs and supplying low-cost electricity for millions of
American homes and businesses. And wind power’s technology
continues to advance in the digital age – bigger, better and more
reliable than ever.”
GE Energy Financial Services’ $15B in investment commitments is
in more than 16 gigawatts of renewable energy projects globally.
Collectively, its renewable energy investment commitments are in
projects that generate enough clean energy to power 3.5 times the
number of homes in the city of Los Angeles, California, avoiding
more than 41 million metric tons of greenhouse gases, and
equivalent to almost nine million cars off the road.
Note to editor:View an infographic illustrating the $15B
renewable energy investment milestone, here.
About GE
GE (NYSE: GE) is the world’s Digital Industrial
Company, transforming industry with software-defined
machines and solutions that are connected, responsive and
predictive. GE is organized around a global exchange of
knowledge, the "GE Store," through which each business shares and
accesses the same technology, markets, structure and intellect.
Each invention further fuels innovation and application across our
industrial sectors. With people, services, technology and scale, GE
delivers better outcomes for customers by speaking the language of
industry. www.ge.com
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is
a global energy investor that provides financial solutions that
help meet the world's energy needs. Drawing on its technical
know-how, financial strength and strong risk management, GE Energy
Financial Services invests in long-lived and capital intensive
projects and companies. The firm has 35+ years of experience
managing energy assets through multiple economic cycles, and a
global portfolio that spans conventional and renewable power, and
oil and gas infrastructure projects. More
information: www.geenergyfinancialservices.com;
Twitter: @GEEnergyFinServ
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version on businesswire.com: http://www.businesswire.com/news/home/20170523005765/en/
Media:GE Energy Financial ServicesJaclyn Cochrane,
203-961-2934Jaclyn.Cochrane@ge.com
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