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GE Unit Surpasses $4 Billion Renewable Energy Mark with NY Wind Farm Investment

Business Wire
July 9, 2008


With a goal of investing $6 billion in renewable energy by 2010, GE Energy Financial Services
surpassed the $4 billion mark today by investing in New York State’s
three newest wind farms. The unit of GE (NYSE: GE) will invest a
total of $100 million in the three wind farms, whose construction
began last month.

“We have reached the $4 billion milestone just five months after
hitting $3 billion, confirming that renewable energy is our
fastest-growing business,” said Alex Urquhart, President and CEO of
GE Energy Financial Services. “Such project-level
investments—coupled with our venture capital investing in clean
tech, GE’s technology and research—reinforce GE’s company-wide
leadership in renewable energy.”

GE Energy Financial Services closed more than $2 billion of
renewable energy transactions last year, and by 2010 expects they
will comprise 20-25 percent of its overall energy and water
portfolio, up from about 10 percent in 2006. Including the three new
farms, GE Energy Financial Services has invested or committed to
invest equity worldwide in 76 wind farms, with a total capacity of
more than 4,000 megawatts.

When the projects are completed during the fourth quarter of this
year, GE Energy Financial Services will invest equity as the
non-managing member of the three New York State farms and Noble
Environmental Power, a leading wind energy developer based in Essex,
Connecticut, will invest as the managing member. With this new
investment, GE and Noble will have co-invested in more than 80
percent of New York State’s wind capacity. In addition to remaining
a significant equity investor, Noble will construct, operate and
manage the facilities, located in the predominantly dairy producing
farmland of northern and western New York.

The portfolio consists of:

The Noble Chateaugay Windpark (106.5 megawatts), in Franklin County

The Noble Altona Windpark (97.5 megawatts), in Clinton County

The Noble Wethersfield Windpark (126 megawatts), in Wyoming County

The portfolio addition is the second in which GE Energy Financial

Services has partnered with Noble. In June 2007, GE Energy Financial

Services invested in the Noble Bliss, Clinton, and Ellenburg

Windparks, also in New York State.

Workers are laying foundations and installing turbines at the new
wind farms, adjacent to the three wind farms in which GE Energy
Financial Services invested last year. Two are located in northern
New York, about 15 miles from the Canadian border and the other is
in western New York. When the three begin commercial operation, they
will increase the wind producing capacity of New York State by 47
percent. Using 1.5-megawatt GE wind turbines, the three wind farms
will generate a combined 330 megawatts of energy—enough to power
more than 110,000 average New York homes. In total, the farms will
avoid 385,000 tons of greenhouse gases per year—equivalent to taking
64,000 cars off the road.

Along with helping GE meet its renewable energy investment target,
this new capital for New York wind farms helps the state meet its
Renewable Portfolio Standard. That standard requires that 25 percent
of the electricity consumed by New Yorkers come from renewable
energy by 2013 and is expected to reduce emissions of carbon dioxide
by 7.7 percent, nitrogen oxide by 6.8 percent and sulfur dioxide by
5.9 percent.

“Wind farms provide not only clean energy but more jobs,” said Kevin
Walsh, Managing Director and leader of renewable energy at GE Energy
Financial Services. “Local people have already been hired to
construct the wind farms, build and plow the roads, and eventually
maintain the projects. As we showed in a study we released last
month, wind farms will create tax revenues for local and federal
governments. In a world with rising fuels costs, this new form of
energy—and the millions of dollars in economic benefits it
provides—is truly America’s new cash crop.”

The GE Energy Financial Services study—which found that a federal
tax credit for wind farms more than pays for itself through tax
revenues from the projects’ income, vendors’ profits and individual
workers’ wages—can be found at
http://www.geenergyfinancialservices.com/press_room/PTC_release.asp.

The total local economic benefits to the communities of the three
New York State wind farms—in addition to Noble Bellmont wind farm,
which is not involved in this transaction—is estimated at $305.5
million, according to Noble.

The Noble portfolio investment reinforces ecomagination, GE’s
program to help its customers meet their environmental challenges
while expanding the company’s own portfolio of cleaner energy products.

About GE Energy Financial Services

GE Energy Financial Services’ 350 experts invest globally with a
long-term view, backed by the best of GE’s technical know-how and
financial strength, across the capital spectrum and the energy and
water industries, to help their customers and GE grow. With $19
billion in assets, GE Energy Financial Services, based in Stamford,
Connecticut, invests more than $5 billion annually in two of the
world’s most capital-intensive industries, energy and water. In
renewable energy, GE Energy Financial Services is growing its
portfolio of more than $4 billion in assets in wind, solar, biomass,
hydro and geothermal power. For more information, visit
www.geenergyfinancialservices.com.

About GE

GE (NYSE: GE) is Imagination at Work—a diversified technology, media
and financial services company focused on solving some of the
world’s toughest problems. With products and services ranging from
aircraft engines, power generation, water processing and security
technology to medical imaging, business and consumer financing,
media content and advanced materials, GE serves customers in more
than 100 countries and employs more than 300,000 people worldwide.
For more information, visit www.ge.com.



 

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