This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GE Energy Financial Services Progresses In Solar With Completion Of Investment In One Of The World’s Largest PV Plants, In CA

GE unit (NYSE:GE) GE Energy Financial Services -- along with Citi, Union Bank, N.A. and Metropolitan Life Insurance Company -- has completed an equity investment in EDF Renewable Energy’s Catalina Solar plant, one of the world’s largest photovoltaic plants, located on 1,100 acres of sunny and windy Mojave Desert land southwest of the Tehachapi Mountains in Rosamond, California. This transaction contributes to GE Energy Financial Services’ one–gigawatt, $1.5 billion solar investment commitments, comprising over 50 installations.

The investment group initially acquired a minority ownership stake in the 143-megawatt project from EDF Renewable Energy in late 2012, prior to the first 60 MWp going online. Following construction completion and the achievement of commercial operations in August, the group purchased the remaining stake and converted the entire structure to a single investor lease. EDF Renewable Services is providing long-term operations and maintenance for the project. Financial details of the transactions were not disclosed.

Catalina Solar includes over 1.1 million thin-film PV solar modules from First Solar and Solar Frontier. The project's clean energy, provided to San Diego Gas & Electric Company, is estimated to power the equivalent of 35,000 homes annually and offset 250,000 metric tons of greenhouse gas emissions, improving overall air quality and contributing to California’s Renewable Portfolio Standards.

Kevin Walsh, Manager Director and Head of Power and Renewable Energy at GE Energy Financial Services, said, “EDF Renewable Energy has proven to be an excellent partner on Catalina Solar and other projects we have done together, a partner that shares our commitment to delivering reliable, productive and economic renewable energy projects.”

For more details visit: http://www.edf-re.com/projects/detail/catalina_solar_project/

Note to Editors:

Photo 1 : Catalina Solar is located on 1,100 acres of Mojave Desert land, southwest of the Tehachapi Mountains in Rosamond, CA

Photo 2 : Catalina Solar aerial view

About GE Energy Financial Services

GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $18 billion in assets. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ

About GE

GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at  www.ge.com.

Copyright Business Wire 2010

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs