GE Solar invests USD 1.4 billion in 2011

OFweek solar photovoltaic network March 2 news, General Electric Co. GE Energy Financial Services (GE Energy Financial Services) recently announced that in 2011 the global solar energy industry investment has more than doubled to reach 1.4 billion US dollars . GE Energy Financial Services revealed that its 1GW project portfolio includes 48 solar power plants (including 24 rooftop solar projects in San Diego) distributed in six countries: Australia, Canada, Italy, Portugal, Spain, and the United States. The total value of the project is 5 billion US dollars.

Alex Urquhart, president and chief executive officer of GE Energy Financial Services, said: "With the advancements in solar technology and the reduction in costs, we have increased our solar investment from last year and exceeded our expectations, and we have more than doubled our investment portfolio. It involves many attractive projects around the world."

The most recent GE Energy Financial Services investment was to provide 100 million U.S. dollars in funding for the 127MW Arlington Valley Solar Energy II project developed by LS Power, a $550 million project in Arlington, Arizona. Nearly 1,160 hectares, which is expected to start next month, will provide affordable clean energy for 53,000 California households, equivalent to a reduction of 215,000 tons of greenhouse gas emissions every year. The project will be put into use by the end of 2013 and San Diego Gas & Electric will purchase the electricity generated by the solar power plant. This will help California achieve its renewable energy target that by 2020, 33% of the electricity will come from renewable energy. Fluor is responsible for the design, construction, operation and maintenance of this solar project.

In addition to GE Energy Financial Services, Prudential Capital Group, Banco Santander SA and other commercial bank and institutional investors under Prudential Financial also provided debt for the project.** .

2011 was a record year for GE Energy Financial Services' global solar investment. The company agreed to invest in a 50MW solar project portfolio in Canada, a 10MW solar project in Australia, a 550MW solar project in the United States, and a 20MW solar power plant in Italy. In addition to the direct investment in these projects and other solar projects, GE Energy Financial Services also provided venture capital for solar technology companies and Spanish solar project developers and operators FRV. In general, GE Energy Financial Services has invested more than 8 billion U.S. dollars in global renewable energy, including solar, wind, biomass, hydroelectric and geothermal power.