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United States

GE Energy Financial investment surpasses four billion dollars

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Recent investments in three New York wind farms have pushed GE Energy Financial Services (GEEFS) past the $4 billion mark on its way to a goal of investing $6 billion in renewable energy by 2010. "We have reached the $4 billion milestone just five months after hitting $3 billion, confirming that renewable energy is our fastest-growing business," says CEO Alex Urquhart. GEEFS will put a total of $100 million in the three New York projects, which have a total capacity of 330 MW and were all developed by Connecticut's Noble Environmental Power. Construction started in June and will be completed during the fourth quarter of this year. All three are using GE Energy 1.5 MW turbines. GEEFS closed more than $2 billion of renewable energy transactions last year and by 2010 expects its green power investments will make up 20-25% of its overall energy and water portfolio, up from about 10% in 2006.

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