STAMFORD, Conn., Feb. 13, 2004 — GE Commercial Finance (GECF) announced it has centralized energy-related financial services within an expanded global business unit, GE Energy Financial Services (EFS). The move is part of a GE-wide initiative to enhance customer and industry focus.
“The financial requirements of energy customers are constantly evolving,” said Alex Urquhart, EFS president and chief executive officer. “With EFS, they now have a complete range of energy financial products and services provided by experienced energy professionals. EFS’s focus — and strength — is delivering meaningful financial solutions for the energy industry, from wellhead to wall socket.”
In the past five years, GE more than doubled energy assets under management to over $12 billion. To expand its range of its products and services, EFS added an Energy Commercial Solutions unit headed by James Kelly.
This new group provides equipment, fleet, real estate and vendor financing programs to energy companies, in conjunction with EFS’s structured financial solutions. GE’s Global Project & Trade Finance business, which invests in energy project debt, is now part of the GE energy finance unit. EFS expects to provide $3 to $4 billion a year to energy companies.
About GE Energy Financial Services
Based in Stamford, Conn., GE Energy Financial Services (EFS) provides enterprise financial solutions to the global energy industry from wellhead to wall socket – including utilities, independent power generators, as well as transmission and distribution, oil & gas, refining, pipeline, coal mining, and energy technology companies.
EFS’s more than 200 professionals provide a range of financial products including structured equity, senior debt, leases, partnerships and project finance, as well as corporate, equipment, fleet, real estate and vendor finance. (http://www.geenergyfinancialservices.com). EFS is a unit of GE Commercial Finance, a global, diversified financial services company with assets of over US$217 billion. GE is a diversified manufacturing, technology and services company with operations worldwide.