STAMFORD, Conn. & HOUSTON--(BUSINESS WIRE)--GE Energy Financial Services, a unit of General Electric (NYSE: GE), announced today that it has committed to invest in a 410-megawatt wind farm portfolio, among its single largest wind investments.
GE Energy Financial Services has committed to invest approximately $270 million for 70 percent of the Class A equity, with a subsidiary of Wachovia Corp. (NYSE: WB), providing the balance, in six wind farms in California, Illinois, New Mexico and Pennsylvania, until now wholly owned by affiliates of global investment and advisory firm Babcock & Brown (ASX: BNB). Affiliates of Babcock & Brown will be the manager and will remain as Class B equity co-investors in the portfolio. Additional financial details were not disclosed.
GE Energy Financial Services made the announcement in Houston at CERAWeek 2007, Cambridge Energy Research Associates' annual conference.
The wind portfolio consists of:
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 $5 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 more than $1.75 billion in renewable energy assets. More information: www.geenergyfinancialservices.com.
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 Babcock & Brown
Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange.
Babcock & Brown operates from 26 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has in excess of 1000 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance. The company has established a funds management platform across the operating divisions that has resulted in the creation of a number of focused investment vehicles in areas including real estate, renewable energy and infrastructure.
Babcock & Brown has nearly 20 years of experience in the wind energy sector, having arranged financing for over 3,000 MW of wind energy companies and projects with an estimated value over US$3 billion. Babcock & Brown's roles have included acting as an adviser/arranger of limited recourse project financing, arranging equity placements, lease adviser, project developer, principal equity investor and fund manager for wind energy projects in North America, Australia and Europe. Babcock & Brown has developed specialist local expertise and experience in the wind energy sector in each of these regions. More information is available at www.babcockbrown.com.
Editor's Note: Caption for photo accompanying this press release: GE Energy Financial Services has committed to invest in a 410-megawatt wind farm portfolio, among its single largest wind investments. Among the wind farms in which it is investing is the one shown here, the 52-megawatt Mendota Hills project in Lee County, Illinois.
Contacts
GE Energy Financial Services, USA
Andy Katell, +1-203-961-5773
Or
Babcock & Brown
Kathleen Alderfer, +1-415-512-1515
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892