GE, Starwood to fund power generation development projects

STAMFORD & GREENWICH, Conn., Sept. 16, 2005 — GE Energy Financial Services and Starwood Energy Group Global have formed a strategic alliance to fund power generation development projects.

GE Energy Financial Services and Starwood will invest in contracted and merchant pre-construction coal, gas and wind power generation projects. The venture, focusing initially on the United States and Canada, will consider funding mid- to late-stage development projects with long-term equity investment potential. The venture already has identified several investment candidates led by large, well-known developers, as well as smaller regional entities.

The move is a growth initiative for GE Energy Financial Services, which already holds investments in power projects with a capacity to produce 22 gigawatts — enough to power more than 20 million homes.

“This venture represents an expansion of our investment universe beyond established power generation operations to development projects,” said Leanne Bell, managing director for power at GE Energy Financial Services. “We’ll bring to this alliance our core competencies in structuring and technical skills, as well as in operations.”

Starwood, which recently expanded into power and energy investing, considers the alliance an important strategic relationship to accelerate its initiatives.

“Expanding upon Starwood Capital’s longstanding relationship with GE, we are extremely pleased to announce this venture. Private capital has played an important role in meeting growing electricity demand, and in the process, has helped provide efficient, low cost power on behalf of ratepayers. GE, the industry leader, and Starwood seek to provide critical development capital and expertise to developers for select opportunities in recovering power markets,” said Barry Sternlicht, founder, chairman and CEO of Starwood Energy Group Global.

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