While presenting at the Infocast Solar Power Finance & Investment Summit in San Diego, General Electric Company’s investing arm boasted it had doubled its commitment to solar power in the last year with its $1.4 billion investment in the sector.
“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.
The company also said that it had just committed $100 billion to the 127 MW Arlington Valley Solar Energy II project in Arizona. The $550 million project, which is being developed by LS Power, will employ photovoltaic solar technology capable of generating enough electricity to power 53,000 homes. Texas-based Flour Corporation is expected to break ground on construction next month with a completion date anticipated in 2013.
Though the solar farm is being built in Arizona, the electricity generated will be sold through a long term power purchase agreement between LS Power and Sempra Energy subsidiary San Diego Gas & Electric (SDG&E) and delivered to SDG&E customers in California.
In 2011, GE Energy Financial Services had record breaking year with its investments in solar capped by its joint purchase with NextEra Energy Resources of the 550 MW Desert Sunlight Solar Farm in California.
This latest round of solar funding comes just days after the company said it had joined JP Morgan to invest $225 million in NextEra Energy Resources’ fully operational 662.5 MW Capricorn Ridge wind facility in Texas.