United States

United States

GE spends $6 billion on renewables

UNITED STATES: Wind has been at the centre of GE Energy Financial Services' plan to invest $6 billion in renewable energy by the end of 2010.

According to Dow Jones, as much as 33% of the $6 billion has been deployed since the first few months of 2008 despite the recession and low natural gas prices.

The investment aim, up 50% from a previous goal, was established in 2008 and is now complete.

Some 80% of the money went to equity and debt for wind projects, spokesman Andy Katell told the news service.

As of mid-October, GE had an equity stake in about 6,000 megawatts of installed wind capacity, or the equivalent of about 16% of the total installed capacity of wind in the United States.  

The company in addition had debt in some 1,300 megawatts of installed wind plants. GE mostly invests in the US, but has also invested in China, Canada, Israel, Singapore, Turkey and elsewhere.

GE Energy Financial Services for example is backing Caithness Energy’s 845MW Shepherds Flat project in Oregon. It is the largest project in the world and will use $1.4 billion of GE turbines.

In 2009, GE invested $111 million in the Vento III group, which has stakes in three wind projects totalling 604MW.

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