GE Energy Financial Services Raises 2010 Investment Target
Posted on: Tuesday, 15 January 2008, 12:00 CST
Energy-focused investment firm GE Energy Financial Services has announced that it has raised its 2010 renewable energy investing target by 50% to $6 billion.
GE Energy Financial Services said that it crossed the $3 billion mark with its single highest wind deal, a $300 million investment in the 600MW portfolio of wind farms in Oregon, Minnesota, Illinois and Texas owned by Houston-based Horizon Wind Energy, a subsidiary of Energias de Portugal.
GE Energy Financial Services closed more than $2 billion of renewable energy transactions in 2007, and expects that by 2010, renewable deals will comprise 20% to 25% of its overall energy and water portfolio, up from about 10% in 2006.
Wind energy is reportedly the firm's most active renewable energy investing area. With the Horizon transaction it has invested or committed to invest equity in 85 wind farms and increased the total capacity of its global wind equity holdings to more than 3,600MW.
Alex Urquhart, president and CEO of GE Energy Financial Services, said: "With our broad capabilities to invest equity and debt within and outside the US, not only in wind but in solar, biomass, hydro and geothermal power, we have become a major player in a $60 billion annual renewable energy market."
Source: Datamonitor
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