GE Blows Past $4B For Green Energy Investments

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.

loading

Comments have been disabled for this post