GE Energy Financial Services announced that over the past year, the company has more than doubled its global solar power investment commitments to US$1.4 billion, leading to nearly US$ 5 billion in projects. The company notes that its 1GW portfolio spans 48 solar power plants in six countries, including Australia, Canada, Italy, Portugal, Spain and the US.
GE Energy Financials latest investment is a US$100 million investment in LS Power’s US$550 million Arlington Valley Solar Energy II project. Construction on the crystalline silicon solar plant in Arizona is slated to begin next month, with operation expected by the end of 2013. San Diego Gas & Electric will buy the power from the plant with Fluor Corporation designing, building, operating and maintaining the solar farm.
“We started last year with the goal of increasing our investments in solar power given improving solar technologies and decreasing costs, and have exceeded our own expectations by doubling our portfolio, investing in attractive projects across the globe,” said Alex Urquhart, president and CEO of GE Energy Financial Services.