GE’s energy investment arm has more than doubled its global solar power investment commitments since early 2011. The company recently reached $1.4 billion in cumulative solar investment, and has enabled nearly $5 billion in solar project value.
“We continue to seek to invest in the best solar power projects – with solid partners, power contracts and proven technology,” says Kevin Walsh, Managing Director and leader of power and renewable energy at GE Energy Financial Services.
In its latest move, the GE subsidiary is committing $100 million toward LS Power‘s $550 million Arlington Valley Solar Energy II project, a crystalline silicon photovoltaic solar farm to be located near Arlington, Arizona, 40 miles west of Phoenix. Construction is expected to begin next month. The project will cover roughly 1,160 acres and its developers boast it will provide power to about 53,000 California homes and displace 215,000 tons of greenhouse gas emissions annually – which the company says is equivalent to taking 38,000 cars off the road.
A purchase agreement has reportedly been inked with Sempra Energy unit San Diego Gas & Electric, who will buy power from the plant, helping California meet its renewable portfolio standard target of generating 33 percent of its electricity from renewable sources by 2020.
This story has been updated to clarify GE EFS’s renewable energy investment details.