Published on May 20th, 2014 | by James Ayre0
GE Has Invested $10 Billion In Clean Energy
May 20th, 2014 by James Ayre
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.
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.
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.