GE Energy Financial Services, a business unit of GE, has surpassed $15 billion in renewable energy investments across wind, solar and other renewable energy projects globally.
Over the past three years, GE Energy Financial Services has committed to invest approximately $5 billion in renewable energy projects; this exceeds its 2014 commitment to invest $1 billion per year.
The investments, spanning 17 countries, comprise 75% wind ($11.3 billion), 18% solar ($2.7 billion) and 7% other renewable technologies ($1 billion). Two recent offshore wind investments include the Block Island Wind Farm in Rhode Island and Merkur Offshore in Germany.
The $15 billion investment milestone occurs on the heels of an active 2016 for the renewables industry, notes GE. In 2016, GE Energy Financial Services invested tax and cash equity in 16 U.S. renewable energy projects, of which approximately 1.4 GW is expected to be operational this year.
“Renewable energy has a vibrant future with demand increasing across the world, and it creates jobs and addresses global environmental challenges,” says David Nason, president and CEO of GE Energy Financial Services. “With GE at the forefront of technology and digital advancements, we continue to invest in this attractive asset class.”