GE is putting its financial strength and renewable energy expertise to work in two new wind investments announced today that target commercial- and residential-scale turbines on one end and giant windparks on the other.


Thinking big: One of the investments by GE Energy Financial Services will help expand the use of Skystream’s unique plug-and-play turbines that allow the user to connect directly to the electric grid, such as this turbine at the U.S. Botanic Garden in Washington, DC. For a residential home, Skystream can provide anywhere from 40% — 90% of the home’s electricity, depending on their consumption and wind resource.

In one deal announced today, GE Energy Financial Services is joining an investment group that’s providing $10 million to the world’s largest manufacturer of small wind turbines, Southwest Windpower, as it accelerates into new markets. The new U.S. stimulus package allows consumers and small businesses to take a 30% tax credit off the installed cost of a wind turbine — which is expected to fuel Southwest Windpower’s continued growth. As a result, Southwest sees a number of new applications for the Skystream system, including commercial uses such as powering light poles for parking lots or municipalities and multiple unit installations for remote electrification.

In a separate deal, Noble Environmental Power, a leading wind energy developer, announced today that it has received long-term capital for its 330-megawatt wind power projects in western and northern New York state. GE Energy Financial Services invested more than $200 million in the portfolio, which includes the Noble Altona, Chateaugay and Wethersfield Windparks that together employ 220 GE turbines and generate enough clean energy to supply the electricity needs of 110,000 average homes. In addition to providing important environmental benefits, the Noble windparks deliver significant economic benefits. Construction on the windparks began in mid-2008 and created hundreds of new jobs in the local and regional New York community.

“Although the challenges of the financial landscape are unprecedented, the need for clean, renewable energy has never been greater,” said Walt Howard, CEO, Noble. “The completion of this deal reflects the strength and talent of the Noble team as well as GE’s continued commitment to renewable energy.”

Said Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy Financial Services: “Through this investment, GE Energy Financial Services is helping Noble move to the operating phase of this important New York state project and supporting the continued development of the US wind industry, which could provide a tremendous boost for our economy.”

* Read the Southwest Windpower announcement
* Read the Noble Environmental Power announcement
* Learn more about how GE Energy Financial Services is ready to invest up to $4 billion this year in energy projects
* Learn more about Skystream