GE Energy Financial Services Makes First Equity Investment in Wind Power in …

February 25, 2014 by  
Filed under Green Energy News

DUBLIN–(BUSINESS WIRE)–GE Energy Financial Services, a unit of GE (NYSE:GE), announced today it
has made its first equity investment in Ireland’s wind power market by
acquiring two wind farm construction projects that will be powered by
the GE’s flagship 2.85MW wind turbines. With a combined capacity of 51
megawatts, the wind farms, acquired from Element Power and now under
construction, will help Ireland meet its renewable energy generation
targets, produce power for thousands of homes, and reduce electricity
costs for Irish consumers. Financial terms of the sale were not

Element Power is managing construction of the projects and will provide
operational management services following completion of the farms, which
will use GE’s 2.85-megawatt turbines with 103m rotors. The 17-megawatt
Acres wind farm is near Ballyshannon, Co. Donegal, 210 kilometres
northwest of Dublin. Construction completion of Acres is scheduled in
the first quarter of 2015. The 34-megawatt Barranafaddock wind farm is
near Ballyduff, Co. Waterford, 230 kilometres southwest of Dublin.
Construction of Barranafaddock is expected to be completed in the second
quarter of 2015. The wind farms are expected to make a significant
contribution to local economies through the payment of rent to local
landowners and rates to local county councils over expected minimum 25
year life of the project. The civils and electricals works have been
awarded to Irish contractors, Moriarty Civil Engineering and Kirby Group

The Acres and Barranafaddock wind farms will help Ireland meet its
target of generating 40 percent of its electricity from renewable
sources by 2020, more than half the percentage required by the European
Union. In addition, the wind farms are expected to generate enough
electrical energy to power more than 33,300 homes in Ireland and avoid
the emission of up to 75,000 tons of greenhouse gases.

“The Acres and Barranafaddock wind farms illustrate the complementary
fit between Element Power’s development, construction and operations
expertise and GE’s capital and wind turbine technology,” said Mike
O’Neill, president and chief operating officer of Element Power.

Andrew Marsden, a managing director and European leader at GE Energy
Financial Services, noted that the projects highlight GE’s interest in
deploying capital in Ireland’s energy sector and working with strong
partners to offer expertise gained as one of the world’s largest private
investors in wind energy projects.

“The combination of Ireland’s strong wind resources with a stable
regulatory regime and well-structured feed-in tariff for wind energy
present attractive growth opportunities for us, our partners and the
country,” said Marsden. “We value our partnership with Element Power and
are exploring other opportunities to work with them and others in
Ireland and across Europe as we seek to expand our portfolio of energy

GE Energy Financial Services is one of the world’s biggest investors in
wind power, with a portfolio of wind projects spanning nine countries,
with a capacity totaling more than 12 gigawatts in operation or under

Note to Editors:

PHOTOS: The 17-megawatt
Acres wind farm
is near Ballyshannon, Co. Donegal on rural
agricultural lands. The 34-megawatt
Barranafaddock wind farm
is sited on similar terrain near Ballyduff,
Co. Waterford.

Calculation of wind electric energy generation derived from IWEA
Fact Infographic

Element Power

Element Power is a global renewable energy developer that develops,
acquires, builds, owns and operates a portfolio of wind and solar power
generation facilities worldwide. Element is present in 10 countries, and
over 5,300MW of projects in development. Element Power is owned by
Hudson Clean Energy Partners, a global private equity firm dedicated
solely to investing in renewable power, alternative fuels, energy
efficiency and storage. The company’s main offices are in London and
Portland (Oregon), with operating bases on the East Coast (US) as well
as Ireland, Madrid, Poland, Sweden and Finland.

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:
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

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