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Fourth Wind Investment in Germany By GE Energy Financial Services

Posted on: Monday, 5 December 2005, 06:00 CST

In its fourth German wind investment this year, GE Energy Financial Services announced today that it is acquiring a 12-megawatt wind farm in Germany from Germania Windpark GmbH & Co KG.

Financial details were not disclosed.

The Krusemark wind farm in Sachsen-Anhalt, near Berlin, consists of eight GE 1.5 megawatt turbines. Germania, the project developer, will operate and maintain the facility, which was built this spring and supplies power to the regional grid.

"This latest addition to our growing wind power portfolio is further evidence of our commitment to the European renewable energy market," said Andrew Marsden, Managing Director of Energy Financial Services' European operations.

"This continues to build our high-quality wind farm portfolio in Germany, adding another very strong and experienced counterparty in Germania," said Mark Jones, an Energy Financial Services Managing Director and transaction leader.

The Krusemark wind farm annually produces power sufficient for about 10,000 homes and saves approximately 35,000 tons a year in greenhouse gas emissions, compared with equivalent fossil fuel generation.

The transaction is the fourth wind energy investment and seventh wind farm that Energy Financial Services acquired in Germany this year, bringing the total capacity of its holdings there to 166 megawatts.

GE Energy's 1.5 megawatt wind turbine is among the world's most widely sold wind turbines. With over 3,600 units in operation today, GE's 1.5 megawatt technology has proven itself in a broad range of wind regimes and environments around the globe.

About Germania and Winvest

Germania Windpark GmbH & Co. KG is one of the oldest and most experienced wind project developers in Europe, with 47 completed projects and more than 200 megawatts in installed capacity. Germania has operations in Germany, Spain, France, UK, Italy, Lithuania, Croatia, Hungary and Turkey and is working on a project portfolio in excess of 1600 megawatts. Winvest Finanzierungsservice GmbH & Co., a sister company of Germania, structures exclusively the debt and equity financing for Germania projects. Winvest has structured financing in an excess of quarter of billion Euros. For more information on Germania and Winvest, visit www.gwp-wind.de

About GE Energy Financial Services

GE Energy Financial Services, based in Stamford, Connecticut USA, with European operations based in London, invests about $3 billion annually in the world's most capital-intensive industry, energy. With more than $10 billion in assets, GE Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. Energy Financial Services has developed a strong record investing in solar, biomass, hydro, wind and geothermal power, and is growing its portfolio of more than a half-billion dollars in renewable energy assets. For more information, visit www.geenergyfinancialservices.com.

About GE Energy

GE Energy (www.gepower.com) is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenues of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.

With wind turbine design, manufacturing and assembly facilities in Germany, Spain and the United States, GE Energy's current wind energy portfolio includes wind turbines with rated outputs ranging from 1.5 to 3.6 megawatts, and support services ranging from project development assistance to operation and maintenance. The company's knowledge base includes the development and/or installation of more than 7,900 wind turbines with a total capacity exceeding 6,700 megawatts.

About GE

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.

Source: Business Wire

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