GE Energy Financial Services to boost non-US renewables, hydro investment

11 March 2008


The investment arm of GE is to seek investment opportunities in small, expanding power firms and independent power producers (IPPs) as well as taking stakes in large regional companies and multi-nationals.

It added that the proposed level of investment is about a quarter of the total planned and a jump from the average level of 10%. The move is part of a group-wide strategy in GE to boost international revenues.

In a statement, managing director Colleen Harkness, said: ‘As we deepen our understanding of new international regulatory and legal environments, we are pursuing our full suite of products and segments, with emphasis on renewable energy, captive power and water projects.’

Last year, the firm made a number of strategic moves with respect to hydropower: it signed a pact with Gama in Turkey to develop water and hydropower projects in the country and the region; it took a stake in India’s KSK Power Venture; and, it also took an equity and revenue position in Plutonic Power Corp’s East Toba/Montrose Creek run-of river project in British Columbia.

KSK Power Venture is building two hydropower projects with combined capacity of 725MW in Arunachal Pradesh state, northern India. Its first project – the 18MW Avantika plant in Orissa state – was being built when it won the two new contracts almost a year ago. The company has planned to have 1GW of installed capacity before the end of 2012, and it has been looking at prospects elsewhere in India as well as Nepal. It floated on the AIM market of the London Stock Exchange in 2006.




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