Clean Power GE logo

Published on May 20th, 2014 | by James Ayre

0

GE Has Invested $10 Billion In Clean Energy

May 20th, 2014 by  

Over $10 billion has been invested so far into renewable energy by GE’s energy investing unit, the company recently announced — making GE Energy Financial Services one of the leading investors in the industry.

When taken altogether, the projects produce roughly two times the electricity consumed annually in Los Angeles — not an insignificant amount, to put it lightly. 🙂 The investments have also reduced greenhouse gases by the equivalent of the annual car emissions of Massachusetts, and also created around 10,000 new jobs in the US.

GE brilliant wind turbine prototype in Netherlands


These benefits are likely to continue to grow into the foreseeable-future, as GE Energy Financial Services currently expects it will continue to invest over $1 billion annually into wind, solar, and other renewable energy projects.

The press release provides some more specifics:

Of the more than $10 billion in cumulative renewable energy equity and debt investment commitments, $8 billion are in more than 12 GW of wind farms and $1.7 billion are in 1 GW of solar power installations, with the balance in other renewables. Geographically diversified, the projects span 16 countries and 28 states, helping 18 states meet their Renewable Portfolio Standards.

The renewable energy projects avoid the annual emission of about 26 million metric tons of greenhouse gases, the equivalent of 5.6 million cars, according to US Environmental Protection Agency methodology. The projects create an estimated 10,000 direct US jobs, according to National Renewable Energy Laboratory and GE modeling.

The investing unit’s funds are currently at work in southern California, with the construction of the 550 MW Desert Sunlight solar power project — which also uses GE power inverters, not just investment funds, and has already begun producing at partial capacity (375 MW).

The funds are also at work in the ongoing construction of new wind farms in Ireland, Nebraska, Illinois, and Texas — many of which also utilize GE turbines (more than 4,400 GE turbines so far, to be exact).

“Despite major changes in regulations, government incentives and energy markets,” stated GE Energy Financial Services head, Kevin Walsh, “We have become one of the world’s largest renewable energy investors. Critical to our continued growth and that of the renewable energy industry is the need for long-term, predictable government policies. When such policies are in place, the industry has responded with more investment, lower costs and improved technology.”

GE just recently announced that it will invest over $200 million into the development of a new wind turbine manufacturing complex in Pune, India. The facility — which will manufacture large wind machine assembly heads and converters (currently being imported) — is intended to help the company double its share in the Indian wind energy equipment market by the year 2016.

Image: GE by Jeffery Turner. 
 
Get CleanTechnica’s 1st (completely free) electric car report → “Electric Cars: What Early Adopters & First Followers Want.”
 
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.

 

Tags: , , , , ,


About the Author

's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy. You can follow his work on Google+.



Back to Top ↑
  • Advertisements

  • Top Posts & Pages

  • Cool Cleantech Events

    Low Voltage Electrification Event, April 25-27. Detroit, Michigan (US)
    Delve deep into the benefits and challenges associated with EV power supply.

    Offshore Wind Market Development USA, May 11-12, Boston, Massachusetts (US)
    Network and establish your business in one of North America’s largest energy industries.

    Energy Storage USA, June 15-16, San Diego, California (US)
    Only event in the United States focused exclusively on the commercialization of storage.

    More details are on: Cleantech Events.

  • Advertisement

  • CleanTechnica Electric Car Report

    Electric Cars Early Adopters First Followers
  • Tesla Model 3 Review by EVANNEX

    Tesla Model 3 Review from EVANNEX
  • Tesla Model 3 Exclusive Video

    Tesla Model 3 Video
  • Tesla Model 3 Exclusive Pictures

    Tesla Model 3 Video
  • Tesla Model X Review #1 (Video)

    Tesla Model X Review from new owners Zach Shahan
  • Tesla Model X Review #2 (Pictures)

    Tesla Model X Review from Kyle Field
  • Tesla Model S Long-Term Review

    Tesla Model S Long Term Review from Kyle Field
  • Nissan LEAF Long-Term Review

    Nissan LEAF Long Term Review from Cynthia Shahan
  • Interview with Michael Liebreich

    Interview with Michael Liebreich
  • Interview with Akon (Teslas & Solar)

    Interview with Akon Tesla Model S Tesla Model X Solar Power Africa
  • Interview with Dr Nawal Al-Hosany

    Interview with Dr Nawal Al-Hosany
  • Interview with Gro Brundtland

    Gro Brundtland
  • Interview with President of Iceland

    President of Iceland Ólafur Ragnar Grímsson
  • Interview with Nick Sampson

    Faraday Future VP Nick Sampson
  • Interview with Dipal Barua

    Dipal Barua 1st ZFEP WInner
  • Interview with Jonathon Porritt

    Jonathon Porritt
  • Interview with Clint Wilder

    Interview with Clint Wilder
  • Interviews with Solar Impulse Pilots

    Bertrand Piccard Andre Borschberg
  • Check out more CleanTechnica Videos.

  • Join The Solar Revolution!

    Edison-solar-energy solar-energy-spill-nice-day
  • Cost of Solar Panels

    cost-of-solar-down
  • Search the IM Network


Shares