About: GE Energy Financial Services’ (GE EFS) experts invest globally with a long-term view, backed by the best of GE’s technical know-how, financial strength and rigorous risk management, across the capital spectrum, in one of the world’s most capital-intensive industries, energy. GE EFS helps its customers and GE grow through new investments, strong partnerships and optimization of its more than US$22 billion in assets. In renewable energy, GE EFS is growing its portfolio of more than US$4 billion in assets in wind, solar, biomass, hydro and geothermal power. GE EFS is based in Stamford, Connecticut.
Alex Urquhart, President & CEO
Kevin Walsh, Managing Director, Power & Renewables
Their investment focus is in Power, Oil & Gas, Water, Venture Capital, Renewable Energy, Pipelines & Storage and Global Growth.
Venture Capital – Current Communications, Ocean Power Delivery, Sub-One Technology, A123Systems, Think Global, Advanced Electron Beams, Soliant Energy, Danotek Motion Technologies, TPI Composites, Southwest Windpower (GE EFS provides mainly equity to them, except equity & debt to Ocean Power Delivery).
Renewable Energy – Alsleben Wind Farm, Babcock & Brown, Comverge, EnxCo, Forest Creek, Krusemark Wind Farm, Kumeyaay Wind, Noble Environmental Power, REpower Systems, Denker & Wulf,Serpa Solar Plant, Tawhiri Power, Theolia, Airtricity, Plutonic Power, SunPower, Scholl Canyon Landfill Gas, Invenergy Wind, Stanton Wind, Enel SpA, Renewable Energy Systems Americas, Horizon Wind Energy, Fotowatio, ACCIONA Energy (GE EFS provides mainly project equity to them, with minority of debt, debt & private equity, assets-for-equity swap, debt & project equity).
News: In June 2009, GE EFS announced it has signed an agreement with EarthFirst Canada Inc. to consider purchasing up to 300-megawatt Dokie Ridge Wind Project, the largest wind farm project under construction in British Columbia. Subject to satisfaction of conditions, including due diligence and internal approvals, GE EFS has agreed to form a partnership with Plutonic Power Corporation which, provided the acquisition is completed, will own and operate the project, located 1,100 km northeast of Vancouver, near Chetwynd. The project would represent GE EFS and Plutonic’s first wind energy investment in Canada and an expansion of their relationship from hydroelectric power development into wind energy.
In April 2009, Noble Environmental Power received long-term capital from GE and other for 3 NY windparks. GE EFS invested more than $200 million in the portfolio, which includes the Noble Altona, Chateaugay and Wethersfield Windparks. A syndicate of banks and financial institutions provided long-term debt, including letters of credit, totaling approximately $440 million. This long-term capital structure replaces construction financing used to build the Noble windparks. Noble was mentioned earlier in this post and it is majority owned by funds affiliated with JPMorgan Partners which are managed by CCMP Capital Advisors.
Kevin Walsh speaks about GE invests in electric vehicles and battery technology in this video or on vodpod. He also has a presentation “Policy Options Shaping Private Investments in Clean Tech” dated 1 May 2009 here.