GE Energy Financial Services expands unit serving renewable market

Stamford, CT, April 24, 2006 — To accelerate the growth of its global renewable energy holdings from a nearly $1 billion base, GE Energy Financial Services announced that it has expanded its team of finance and technical professionals serving the market. The team, aligned with GE’s ecomagination initiative to expand its cleaner energy products while reducing greenhouse gas emissions, provides structured project finance from debt to equity as well as construction and lease financing, and also considers late-stage project development and technology investments.

The renewable energy team of more than 20 professionals draws upon Energy Financial Services’ experience as an investor in the sector worldwide. Estimates of annual global renewable energy investment requirements range from $20 billion to $30 billion, excluding large hydroelectric plants. Energy Financial Services is seeking to grow its renewable energy investments to more than $3 billion by 2008.

“We’re expanding our renewable energy team to take advantage of a perfect nexus of positive developments in relative costs, technology, regulations and public opinion,” said Kevin Walsh, managing director and leader of GE Energy Financial Services’ renewable energy team. “This nexus propelled our renewable energy portfolio growth during 2005 by 40 percent, to nearly $1 billion.”

Energy Financial Services’ growth strategy is to provide structured capital to high-quality renewable energy projects in wind, solar, hydro, geothermal, biomass, bio-fuels, and carbon offset projects. Investments in 2005 included solar roofs for 14 public schools in San Diego, and the nearby 50-megawatt Kumeyaay Wind farm. In addition, it acquired seven wind farms in Germany with a combined capacity of 166 megawatts.


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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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