GE invests in two wind energy projects in IrelandFebruary 27, 2014
General Electric Energy Financial Services has acquired two wind farms in Ireland from Element Power
General Electric Energy Financial Services has announced that it has made its first equity investment in wind energy in Ireland. The firm has acquired two wind projects that are taking root in the country. These wind farms has been managed by Element Power, but are now a part of General Electric’s expanding renewable energy portfolio. Investing in clean energy can be a risky endeavor, but GE has been showing strong interest in the capabilities of renewable power.
Combined, wind farms boast of 51MW of energy capacity
Together, the wind farms in Ireland have a maximum capacity of 51 megawatts. While GE has acquired the wind farms from Element Power, the company is still managing the construction of the projects in Ireland. These wind farms will also be making use of wind turbines that are developed by General Electric. The first wind farm is expected to complete its construction phase in the first quarter of 2015, with the second project reaching completion shortly thereafter.
Ireland continues to increase its support of wind energy for the sake of the economy and environment
Wind power has been growing in prominence in Ireland because of its economic potential. The country has suffered heavily in the wake of Europe’s sovereign debt crisis and has been turning to renewable energy to recover financial. While clean energy can be considered a very expensive investment, it will also reduce the country’s reliance on fossil-fuels, which are becoming more expensive. Moreover, new energy projects are also creating jobs, which will spark higher levels of economic activity throughout Ireland in the near future.
GE establishes formidable presence in the global wind energy market
General Electric Energy Financial Services is one of the most prominent investors in wind energy in the world. This is partly because its parent company, General Electric, has an intense interest in wind power. The company develops wind turbines that have been used in projects throughout the world. These turbines have helped establish General Electric as a leading organization in the wind energy market.