GE Energy Financial Services, a business unit of GE, has surpassed $15 billion in renewable energy investments across wind, solar and other renewable energy projects globally. Additionally, GE Renewable Energy has repowered a total of 300 wind turbines – representing the equivalent of adding 75 wind turbines worth of output.
Over the past three years, GE Energy Financial Services has committed to invest approximately $5 billion in renewable energy projects; this exceeds its 2014 commitment to invest $1 billion per year.
The investments, spanning 17 countries, comprise 75% wind ($11.3 billion), 18% solar ($2.7 billion) and 7% other renewable technologies ($1 billion). Two recent offshore wind investments include the Block Island Wind Farm in Rhode Island and Merkur Offshore in Germany.
On the repowering side, GE Renewable Energy says its repower program extends the life of onshore wind turbines by a decade or more, makes them more efficient and reliable, and increases a project’s performance by up to 25%.
“The repower program can include increasing a turbine’s rotor size and upgrades to the gearbox, hub, main shaft and main bearing assembly,” explains Anne McEntee, GE Renewable Energy’s vice president and services CEO. “This is an exciting opportunity to bring new life to older turbines and help them provide even more energy for years to come.”
The milestones were announced today at the American Wind Energy Association’s (AWEA) WINDPOWER 2017 conference in Anaheim, Calif.
“Wind power is a winning investment for Americans in all 50 states,” says Tom Kiernan, CEO of AWEA. “With companies like GE at the forefront, wind increasingly powers our economy, creating good-paying jobs and supplying low-cost electricity for millions of American homes and businesses. And wind power’s technology continues to advance in the digital age – bigger, better and more reliable than ever.”
The $15 billion investment milestone occurs on the heels of an active 2016 for the renewables industry, notes GE. In 2016, GE Energy Financial Services invested tax and cash equity in 16 U.S. renewable energy projects, of which approximately 1.4 GW is expected to be operational this year.
“Renewable energy has a vibrant future with demand increasing across the world, and it creates jobs and addresses global environmental challenges,” adds David Nason, president and CEO of GE Energy Financial Services. “With GE at the forefront of technology and digital advancements, we continue to invest in this attractive asset class.”