GE Energy Financial Services Buys Wind Energy Project In Scotland
Renewable energy project acquisitions are common these days, and a recent one in Scotland doesn’t involve a large project, but the fact that an investment firm back for GE was involved attracted my attention.
GE Energy Financial Services has acquired a 16 MW wind energy project in Scotland from one of the largest power generation companies, SSC Plc. The onshore wind energy project is currently under construction and will have an installed capacity of 16 MW.
GE Energy Financial Services will take over the project once it is fully constructed and commissioned.
GE Energy Financial Services, one of the leading investors in renewable energy sector, claims to have invested about $10 billion dollars in renewable energy projects across various countries. Most of these investments are through purchase of equity interest in the projects, but the company also provides debt financing in some cases.
The company’s investments are spread across developed economies, like the US, Europe, Canada, and Japan, as well as developing economies such as India. In India, GE Energy Financial Services acquired a stake in the country’s largest solar power project by paying $20 million for a stake in 151 MW solar PV project owned by Welspun Renewables Limited. In Japan, the company acquired an equity stake in a 32 MW solar PV project owned by Pacifico Energy. GE Energy Financial Services also invested in Japan’s largest solar power project, with capacity of 230 MW, and is believed to have invested $100-200 million in the project.
These acquisitions, equity investments, and debt financing are part of the company’s plan to invest $1 billion in renewable energy sector every year.
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