The deal is for the 17MW Acres and 34MW Barranafaddock wind farms in Donegal and Waterford respectively.
Both projects use GE 2.85MW turbines and are expected to be completed in 2015.
Speaking about the deal, Andrew Marsden, GE Financial Services managing director for Europe, said Ireland's incentive policy and strong winds were a key factor behind the deal.
Marsden said GE was looking at other wind investment opportunities within Ireland and mainland Europe.
Element Power, which is owned by private equity company Hudson Clean Energy Partners, has a pipeline of around 5.3GW.