Big US Investment from GE in Alternative Energy
by Sheryl O.
GE Energy Financial Services, an investment arm of General Electric Co., said this week that they will invest in a $350 million wind-generation project to supply the city of Austin, TX with renewable energy. Texas is now the nation’s leader in wind-generated energy. The wind farm, developed by Renewable Energy Systems Americas Inc. (RES Group, UK), is set to begin construction this month in Shackelford County about 30 miles northeast of Abilene. The farm will have 72 2.3 megawatt wind turbines and is expected to produce enough power every year to support 39,000 homes. There will be a 15-yr power purchase agreement in place with Austin. GE now has a stake in 79 wind farms around the world capable of generating 2,870 megawatts of electricity.
Even with the development of a new energy policy as one of the key issues of the 2008 Presidential race, it is very good to see that corporations are not waiting for the government to mandate investment in renewables. Smart corporations know that our dependence on oil is dangerous – for their current and future bottom lines and for society as a whole. The United States is getting into the business of renewable energy late in comparison to European nations and other growing countries in the world. Hopefully, corporations and private investors will jump on the band wagon quickly (click here for a site devoted to global news and investment in renewable energy) and start realizing the myriad of potential returns of this new industry – new business opportunities, new jobs, cleaner environment, and reduced dependence on foreign oil. More…
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