GE doubles Green Investments, Calls for Extension of Industry Subsidies

by Terrence Murray - December 9, 2010

Over the past two years GE Energy Financial Services, GE’s energy-financing unit, has doubled its renewable energy and cleantech investments.

By the end of this year, GE will have invested $6 billion in renewable energy infrastructure projects, from $3 billion in 2008, the company said in a statement.

Renewable energy now comprises nearly 30 percent of GE’s overall energy investment portfolio, up from about 6 percent in 2006. Partly fueling that growth have been the stimulus-funded green power subsidies, which GE says should be extended.

Making up GE’s global renewable energy portfolio are 95 wind farms, 40 solar installations, six hydroelectric projects, 12 landfill gas facilities, and 15 projects involving other technologies.

One of the company’s major wind investment is the 845 megawatts Shepherds Flat wind project in Oregon.

�To maintain this momentum, drive further deployment of renewable energy worldwide and keep America competitive through technology innovation and job creation, we are calling on Congress to enact long-term, predictable renewable energy policies,� said GE Energy Financial Services’s CEO�Alex Urquhart, in a prepared statement.

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