GE Energy Financial Services says it has exceeded $10 billion in renewable energy investment commitments worldwide. The investments include $8 billion in more than 12 GW of wind farms and $1.7 billion in 1 GW of solar power installations, with the balance in other renewables.
According to the U.S.-based company, the projects span 16 countries and 28 U.S. states, helping 18 states meet their renewable portfolio standards, and create an estimated 10,000 direct U.S. jobs. Its capital has gone to wind farms in Ireland, Nebraska, Illinois and Texas, and the wind projects under construction or completed use more than 4,400 GE turbines.
Going forward, GE Energy Financial Services says it plans to continue investing more than $1 billion annually in renewable energy projects.
"Our rapid growth in renewable energy investments benefits not only GE's customers and shareholders but society at large," comments David Nason, president and CEO of GE Energy Financial Services. "These benefits will increase as we execute on a robust pipeline of prospective new investments that provide excellent risk-adjusted returns, serve as a catalyst for the growth of GE's industrial energy business, and provide customer value."
Kevin Walsh, head of the company's renewable energy unit, notes, "Critical to our continued growth and that of the renewable energy industry is the need for long-term, predictable government policies. When such policies are in place, the industry has responded with more investment, lower costs and improved technology."