STAMFORD, Conn.--(BUSINESS WIRE)--GE, growing its renewable energy investments, is helping Delaware meet its requirement for generating power from renewable sources by financing construction and supplying equipment for two landfill gas projects.
GE Energy Financial Services will provide a $7.25 million loan for two Delaware landfill gas-to-energy generation projects -- at the Central Facility, a 770-acre landfill in Sandtown, and the Southern Facility, a 570-acre landfill in Georgetown. Construction of the generation projects is scheduled for completion during the fourth quarter of 2006.
GE Energy, a leading power generation supplier and energy delivery business, will provide a total of seven Jenbacher J320 GS gas engines configured as generator sets to both Delaware sites to produce 7.4 megawatts of electricity. That's enough for the yearly energy consumption of 7,400 U.S. homes. The Jenbacher J320 GS, the largest engine in its category, is highly reliable, with optimized components that ensure a long service life even when using non-pipeline gases such as landfill methane.
The owner of the landfill gas-to-energy projects, Ameresco, Inc., developed, designed, is constructing, and will operate the projects. Ameresco currently operates 10 such plants in North America and has 109 MW (equivalent) of similar renewable energy projects in operation or under development.
Decomposing garbage in landfills produces methane, which is collected and compressed to fuel electric generators. Such projects reduce carbon dioxide emissions in two ways: reducing the use of natural gas as a power source and eliminating the need to flare methane gas at landfills. The Delaware projects will save approximately 40,000 tons a year in greenhouse gas emissions.
"Combining our financing and equipment, the Delaware landfill gas projects demonstrate how GE's ecomagination initiative is helping customers meet environmental challenges," said Kevin Walsh, a managing director and leader of renewable energy investments at GE Energy Financial Services. "By producing power from landfill methane, we're helping Delaware generate more power from renewable sources."
Ecomagination is GE's commitment to expand its portfolio of cleaner energy products while reducing its own greenhouse gas emissions.
Delaware's renewable energy portfolio standard, enacted last July, requires suppliers to use renewable energy to generate at least 10 percent of the electricity they sell in the state by 2019.
The Central and Southern landfills are operated by the Delaware Solid Waste Authority. The electricity produced will be sold to Constellation.
About GE Energy Financial Services
GE Energy Financial Services' 300 experts invest globally with a long-term view, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With $13 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, invests more than $3 billion annually in two of the world's most capital-intensive industries, energy and water. In renewable energy, GE Energy Financial Services has developed a strong record investing in wind, solar, biomass, hydro and geothermal power, and is growing its portfolio of $1.5 billion in renewable energy assets. More information: www.geenergyfinancialservices.com.
About GE Energy
GE Energy (www.gepower.com) is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenues of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.
About GE Energy's Jenbacher Gas Engine Division
GE Energy's Jenbacher gas engine division, based in Austria, is one of the world's leading manufacturers of gas-fuelled reciprocating engines, packaged generator sets and cogeneration units for power generation. GE's Jenbacher gas engines range in power from 0.25 to 3 MW and run on either natural gas or a variety of other gases (e.g., biogas, landfill gas, coal mine gas, sewage gas, combustible industrial waste gases).
About GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
About Ameresco
With 50 offices throughout the United States and Canada, Ameresco, Inc. is North America's premier energy services and renewable energy provider. Ameresco's innovative strategies and customer-tailored solutions enable Ameresco to provide customers with a broad range of offerings in renewable energy, energy efficiency, infrastructure renewal, water conservation, and natural gas and electricity supply. Ameresco helps government agencies, schools, hospitals, colleges and universities, utilities, public housing authorities, social housing, and commercial and industrial customers reduce operating expenses, increase energy reliability, and enhance the environment. In November 2005, Ameresco was recognized among the top 100 companies ranked in Inc. Magazine's Top 500, which tracks the nation's fastest growing privately-held companies. In July 2006, Frost & Sullivan gave Ameresco its 2006 U.S. ESCO Emerging Company of the Year Award. For more information on Ameresco, visit the web site at www.ameresco.com.
EDITOR'S NOTE:
Caption for accompanying photo: Jenbacher J320 GS gas engines, configured as generators, will be used at landfills in Sandtown and Georgetown, Delaware, to produce 7.4 megawatts of electricity.
Contacts
GE Energy Financial Services, USA
Andy Katell, +1-203-961-5773
or
GE Energy, USA
Dennis Murphy, +1-678-844-6948
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892