GE Increases Renewable Energy Pledge to $6 Billion
GE had previously planned to invest $4 billion in renewable energy by then, but upped the goal due to the increasing cost of fossil fuels and support of greener energy, among other factors, according to Alex Urquhart, president and CEO of GE Energy Financial Services.
The company recently passed the $3 billion mark with a $300 million investment in four wind farms owned by Horizon Wind Energy. The wind farms are located in Oregon, Minnesota, Illinois and Texas. Three are expected to be completed by the end of the month, with the last finished mid-year.
The wind farms are expected to provide enough power for 180,200 average homes, preventing about 1.4 million tons of greenhouse gas emissions a year.
The investment is GE's highest-value wind deal, and brings the number of wind farms GE has committed to or invested in to 85. Wind is GE Energy Financial Services' most active area of renewable energy investment. GE has additionally invested in solar, biomass, hydro, geothermal and other renewable energy projects.
GE Energy Financial Services has $16 billion in assets and invests more than $5 billion annually in energy and water. Last year GE closed more than $2 billion in renewable energy deals and expects renewable energy to make up 20-25 percent of its portfolio by 2010.
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