GE unit to invest $5bn in Asian renewable energy

12 March 2008 04:00  [Source: ICIS news]

SINGAPORE (ICIS news)--General Electric Energy Financial Services (GE EFS) is looking to invest $5bn (€3.25bn) in renewable energy projects in southeast and east Asia to tap the region’s soaring energy demand, the company said on Wednesday.

The investment arm of the NYSE-listed firm is expected to spend nearly a quarter of its total allocated funds outside of the US by the end of 2010, a significant rise from its traditional level of 10%, it added.

The strategy is part of GE’s plan to boost international revenues by taking advantage of strong energy growth in emerging markets like India, Southeast Asia, Latin America, Turkey and the Middle East, it said.

GE EFS will focus on small power companies, independent power producers and large multinational corporations; with emphasis on renewable energy, captive power and water projects, it added.

($1=€0.65)

By: Serene Cheong
+65 6780 4359

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