GE ponies up for renewable energy
GE Energy Financial Services raised its 2010 target for renewable energy investing to $6 billion.
GE Energy Financial Services raised its 2010 target for renewable energy investing to $6 billion. The previous planned investment was $4 billion, but the goal was raised due to increasing costs of fossil fuels, support of environmental protection, and improved technology for boosting interest in wind, solar, biomass, hydro, and geothermal power.
GE recently surpassed the $3 billion mark by receiving a $300 million investment in four wind farms owned by Horizon Wind Energy, Houston. The most active investment in renewable energy for GE Energy Financial Services is wind, representing about two-thirds of its portfolio. The wind farms are located in Oregon, Minnesota, Illinois, and Texas.
The power generated by the wind farms will provide enough power for 180,200 average homes, which will prevent 1.4 million tons of greenhouse gas emissions per year. The investment represents GE’s highest-value wind deal and total number of wind farms, which GE committed to, up to 85. During 2007, GE finalized more than $2 billion in renewable energy deals and GE expects renewable energy commitments to take up 205 to 25% of its portfolio by 2010.