GE Energy Financial Services

GE Energy Financial Services announced today it has more than doubled its global solar power investment commitments in the past year to US $1.4 billion, for nearly US $5 billion in projects. Its latest deal is a US $100 million investment in a 127-megawatt project that will be built in Arizona.

GE announced at the Infocast Solar Power Finance & Investment Summit in San Diego that its 1-gigawatt portfolio spans 48 solar power plants—including 24 San Diego school rooftops—in six countries: Australia, Canada, Italy, Portugal, Spain and the United States.

GE’s latest investment is in LS Power’s US $550 million Arlington Valley Solar Energy II project, a crystalline silicon photovoltaic solar farm whose construction is expected to begin next month near Arlington, Arizona. Converting sunlight into electricity, the solar power project—located on approximately 1,160 acres—will provide enough clean, affordable energy to power approximately 53,000 California homes and displace 215,000 tons of greenhouse gas emissions per year, equivalent to taking 38,000 cars off the road. When operational at the end of 2013, San Diego Gas & Electric will buy the power from the plant, which also will help California meet its target of generating 33% of its electricity from renewable sources by 2020. Fluor Corporation designed, is building and will operate and maintain the solar farm.

In 2011, GE agreed to invest in a 50MW portfolio of solar PV farms in Canada, a 10MW solar PV project in Australia, a 550MW solar PV project in the United States, and a 20MW solar PV power plant atop a greenhouse in Italy. In addition to these and other direct investments in solar projects, GE has made venture investments in solar energy technology companies, as well as in the Spain-based solar project developer and operator FRV. Overall, the GE unit has made more than US $8 billion in renewable energy commitments globally, including solar, wind, biomass, hydro and geothermal power assets.