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GE Energy Financial Services, the investment arm of General Electric, said today that its investments in renewable energy have surpassed the $4 billion-mark with the investment of $100 million into three New York wind farms. In just five months, GE has added a billion dollars’ worth […]

GE Energy Financial Services, the investment arm of General Electric, said today that its investments in renewable energy have surpassed the $4 billion-mark with the investment of $100 million into three New York wind farms. In just five months, GE has added a billion dollars’ worth of renewable energy investment to its portfolio, “…confirming that renewable energy is [GE's] fastest-growing business,” Alex Urquhart, president and CEO of GE Energy Financial Services, said in a statement.

GE even gets to double-dip when it comes to wind farm investments, as not only do they add energy assets to the company’s portfolio, they boost the market for GE’s in-demand wind turbines. These three wind farms, which are being built and operated with IPO-ready Noble Environmental Power, will use more than 200 of GE’s 1.5-megawatt turbines to generate 330 megawatts of power.

GE has now invested in 76 wind farms with a total generating capacity of over 4,000 megawatts. As a point of comparison, T. Boone Pickens says he’s investing $12 billion, at last count, into his own wholly-owned 4,000-megawatt wind farm, which he wants to be the largest wind farm in the world.

GE’s milestone is a milestone for renewable energy overall, as clean power has the potential to generate significant revenue. GE estimates that renewables will compromise a quarter of their energy and water investments by 2010. Its plan is to invest $6 billion in renewable energy by 2010. At this rate, we wouldn’t be surprised if they blew past that goal far sooner.

Image courtesy of GE.

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  1. The Daily Five: Thursday, 10 July, 2008 | EcoTech Daily Thursday, July 10, 2008

    [...] GE Blows Past $4B For Green Energy Investments: General Electric says it has now topped $4 billion in renewable energy investments. Pushing the company across he milestone was a $100 million dollar investment in three New York states wind farms. GE estimates that renewables will account for 25 percent of it water and energy investment by 2010. (Earth2Tech) [...]

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    [...] million farm keeps it on track to hit its goal of investing $6 billion into green power by 2010. GE recently passed the $4 billion mark with a $100 million investment in three wind farms in New [...]

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    [...] one of the largest wind turbine producers in the world, not to mention their above average involvement in various other cleantech arenas.  Conergy, on the other hand, produces solar [...]

  8. Conergy, GE to Pour $250M Into Asia-Pacific Clean Power | Alternative Energy News Monday, December 15, 2008

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