Renewable Energy News; GAMA, GE (NYSE: GE) Launch Their First Wind Projects in Turkey
ANKARA, Turkey--(http://www.investorideas.com/ renewable energy/green newswire )--GAMA Energy A.S., a joint venture between GAMA Holding A.S. and GE (NYSE:GE) unit GE Energy Financial Services, today announced their first wind energy projects in Turkey, the 22.5-megawatt Sares and 10-megawatt Karadag wind farms in the country’s western region. The projects, costing a total €54 million, feature GE’s 2.5-megawatt wind turbines.
“This investment demonstrates Gama Energy’s ability to develop and execute high-quality energy projects”
.GAMA Energy, based in Ankara, is developing and investing in the projects while TSKB, the Industrial Development Bank of Turkey, is arranging and leading €44 million in debt financing. Additional details of the financial transactions were not disclosed. GE Energy is supplying 13 turbines and will operate and maintain them under a services agreement.
The projects’ power will be sold to the merchant market or will benefit from the Turkish regulated feed-in tariff. Construction of the Sares wind farm begins next week and is expected to be completed by the end of this year. Construction of the Karadag project is planned to begin later this year, with completion during the first quarter of 2011.
According to GAMA Energy’s estimates, the wind farms are expected to generate enough electricity to power approximately 59,000 average Turkish homes and avoid approximately 80,000 tons a year in greenhouse gas emissions.
GAMA Energy Managing Director and Board Member M. Arif Ozozan said: “Such wind projects as the ones we are launching today not only support a cleaner environment but create employment opportunities, support our company’s growth objectives and help Turkey achieve its renewable energy goals.”
“These projects represent the growth of our productive partnership with GE as well as our commitment to investing in Turkey’s growing energy sector,” said Hakan Ozman of GAMA Holding A.S.
“This investment demonstrates Gama Energy’s ability to develop and execute high-quality energy projects,” said Andrew Marsden, managing director of Europe at GE Energy Financial Services. “In addition, this investment is in line with GE’s ecomagination program to help customers meet their environmental challenges, and it contributes to our global growth.”
Turkey’s Ministry of Energy and Natural Resources aims to generate 20 percent of its electricity production from renewable resources by 2020. In wind energy, the country has developed just 600 megawatts of an estimated potential 88 gigawatts. “GE Energy Financial Services sees Turkey as an exciting renewable energy market with great prospects if government regulations and tariffs are set appropriately,” Marsden said.
About GAMA Energy A.S.
GAMA Group's extensive experience in all aspects of the energy sector resulted in the establishment of GAMA Energy to pursue the energy and water investments of the GAMA Group. GAMA Group has taken part in the construction and development of 14,500 MW of power generation capacity worldwide (which corresponds to approximately 40% of the installed generation capacity in Turkey). GAMA owns equity in projects with a total installed capacity of 2,250 MW. GAMA has been an active participant in Turkey's first major Build Operate Transfer projects as contractor and investor. GAMA Energy has made investments in water supply projects with a capacity of 140 MCM/year and serves as the largest stakeholder of Theolia -- a listed wind generation company based in France. It has made investments in four power plants, one of which is located in Ireland, GAMA Energy continues its development of renewable hydroelectric and wind energy projects as well as larger thermal power plants and one water project in Jordan. For more information, visit www.GAMA.com.tr/energy/
About GAMA
GAMA was established in Turkey in 1959 and has become a leading international general contractor with operations in 17 countries extending from Ireland in the west to Russia’s Sakhalin Island in the east. GAMA Group Companies presently have contracts in 10 countries valued about USD $4.4 Billion and a work force of 20,000 employees. Besides EPC supplier of power plants and general contractor of industrial facilities, GAMA’s other core business is energy investments which is handled by its subsidiary GAMA Energy A.S. For further information, please visit www.GAMA.com.tr
About GE Energy Financial Services
GE Energy Financial Services’ experts invest globally across the capital spectrum in essential, long-lived and capital-intensive energy assets that meet the world’s energy needs. In addition to capital, GE Energy Financial Services offers the best of GE’s technical know-how, technology innovation, financial strength and rigorous risk management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong partnerships and optimization of its $23 billion in assets. In renewable energy, GE Energy Financial Services is growing its portfolio of more than US$4 billion in assets in wind, solar, biomass, hydroelectric and geothermal power. For more information, visit www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, healthcare solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Editor’s Note: Photos and video of a GE 2.5-megawatt turbine like those that will be installed at two wind farms Gama Energy, a joint venture with GE Energy Financial Services, is developing in western Turkey are available at http://www.geenergyfinancialservices.com/digitalRoom.asp
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Showing posts with label GE (NYSE: GE). Show all posts
Showing posts with label GE (NYSE: GE). Show all posts
Thursday, April 29, 2010
Tuesday, January 12, 2010
Green Investor News - China Selects GE (NYSE: GE) Technology Again to Support Rapid Growth in Wind Energy Sector
Green Investor News - China Selects GE (NYSE: GE) Technology Again to Support Rapid Growth in Wind Energy Sector
Three Projects with HECIC New Energy will Add 132 MW to China’s Renewable Energy Capacity
SCHENECTADY, N.Y.----GE (NYSE: GE) announced today that it has signed contracts to supply 88 wind turbines to HECIC New Energy Co., Ltd, one of China’s leading wind energy developers, for three new projects in Hebei and Shanxi Provinces. The projects will support the rapid growth of wind energy investments in China, which today is the world’s fourth largest producer of wind power.
“As a corporate citizen of China, our strategy is to apply the most advanced and reliable technology and technological expertise for every project that will help China reach its goal of achieving clean energy.”.China’s plan to add 150 gigawatts of installed wind power capacity by 2020 would require it to install approximately 11.5 gigawatts of installed wind power capacity per year from 2009-2020.
The new wind farms will add 132 megawatts of installed wind power capacity for China, which currently ranks fourth, behind only the United States, Germany and Spain in wind power production. According to the Global Wind Energy Council, China continued its rapid growth in wind energy in 2008 by doubling its installed capacity to 12.2 gigawatts.
To date GE has committed to supply 895 units of 1.5-MW wind turbines to China, in support of the country’s aggressive renewable energy program. China is aiming to increase power generation from renewable sources to 15 percent of the nation’s total by 2020. To achieve this, China will need to strengthen development on solar, wind and biomass energy.
“The development of wind power is a key economic growth area for China and plays a critical role in achieving our national target to increase to 150 gigawatts of installed wind energy capacity by 2020,” said Dr. Cao Xin, General Manager of HECIC New Energy Co., Ltd. “As a corporate citizen of China, our strategy is to apply the most advanced and reliable technology and technological expertise for every project that will help China reach its goal of achieving clean energy.”
“China is rapidly emerging as one of the world’s largest markets for wind power technology,” said Victor Abate, Vice President-Renewables for GE Power & Water. “We are committed to helping our Chinese customers develop the country’s vast potential for clean, wind-generated power, which will enable China to meet both its growing energy and environmental responsibilities.”
GE’s 1.5-megawatt wind turbine is the most reliable and widely deployed wind turbine in the global wind industry today. More than 12,000 of these machines have been installed for projects worldwide. In 2008, HECIC New Energy Co., Ltd purchased 66 of the machines for projects for which commissioning has been completed. The wind turbines for the HECIC New Energy projects will be equipped with Low Voltage Ride-Through and Wind Farm Management Systems, which are advanced and grid- friendly connection technologies, enhancing reliability and stability of the wind turbine.
GE’s support of China’s wind industry is just one part of the company’s total commitment to the country. GE started doing business in China as early as 1906 and currently runs 36 wholly owned or joint venture companies in China ranging from manufacturing, service, research and development, financial services and sourcing, with a total workforce of over 13,000.
About GE
GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With 60,000 global employees and 2008 revenues of $38.6 billion, GE Energy www.ge.com/energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy – GE Power & Water, GE Energy Services and GE Oil & Gas – work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
For more information, visit the company’s Web site at www.ge.com. GE is imagination at work.
About HECIC New Energy
HECIC New Energy Co., Ltd. (HECIC NEW ENERGY) was established in 2006 as a wholly owned subsidiary of Hebei Construction & Investment Group Co., Ltd (HECIC).
HECIC NEW ENERGY is a professional company engaged in new energy undertakings. By adopting advanced technology and equipments as well as scientific management methods, it develops and utilizes wind, solar and nuclear energy, supplies clean electric power, adjusts industrial structure to maintain the healthy and sustainable development of the national economy and create social and economic benefits.
________________________________
News & Stories Published at Clean Energy Stocks Blog.
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The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Smart Grid Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
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Three Projects with HECIC New Energy will Add 132 MW to China’s Renewable Energy Capacity
SCHENECTADY, N.Y.----GE (NYSE: GE) announced today that it has signed contracts to supply 88 wind turbines to HECIC New Energy Co., Ltd, one of China’s leading wind energy developers, for three new projects in Hebei and Shanxi Provinces. The projects will support the rapid growth of wind energy investments in China, which today is the world’s fourth largest producer of wind power.
“As a corporate citizen of China, our strategy is to apply the most advanced and reliable technology and technological expertise for every project that will help China reach its goal of achieving clean energy.”.China’s plan to add 150 gigawatts of installed wind power capacity by 2020 would require it to install approximately 11.5 gigawatts of installed wind power capacity per year from 2009-2020.
The new wind farms will add 132 megawatts of installed wind power capacity for China, which currently ranks fourth, behind only the United States, Germany and Spain in wind power production. According to the Global Wind Energy Council, China continued its rapid growth in wind energy in 2008 by doubling its installed capacity to 12.2 gigawatts.
To date GE has committed to supply 895 units of 1.5-MW wind turbines to China, in support of the country’s aggressive renewable energy program. China is aiming to increase power generation from renewable sources to 15 percent of the nation’s total by 2020. To achieve this, China will need to strengthen development on solar, wind and biomass energy.
“The development of wind power is a key economic growth area for China and plays a critical role in achieving our national target to increase to 150 gigawatts of installed wind energy capacity by 2020,” said Dr. Cao Xin, General Manager of HECIC New Energy Co., Ltd. “As a corporate citizen of China, our strategy is to apply the most advanced and reliable technology and technological expertise for every project that will help China reach its goal of achieving clean energy.”
“China is rapidly emerging as one of the world’s largest markets for wind power technology,” said Victor Abate, Vice President-Renewables for GE Power & Water. “We are committed to helping our Chinese customers develop the country’s vast potential for clean, wind-generated power, which will enable China to meet both its growing energy and environmental responsibilities.”
GE’s 1.5-megawatt wind turbine is the most reliable and widely deployed wind turbine in the global wind industry today. More than 12,000 of these machines have been installed for projects worldwide. In 2008, HECIC New Energy Co., Ltd purchased 66 of the machines for projects for which commissioning has been completed. The wind turbines for the HECIC New Energy projects will be equipped with Low Voltage Ride-Through and Wind Farm Management Systems, which are advanced and grid- friendly connection technologies, enhancing reliability and stability of the wind turbine.
GE’s support of China’s wind industry is just one part of the company’s total commitment to the country. GE started doing business in China as early as 1906 and currently runs 36 wholly owned or joint venture companies in China ranging from manufacturing, service, research and development, financial services and sourcing, with a total workforce of over 13,000.
About GE
GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With 60,000 global employees and 2008 revenues of $38.6 billion, GE Energy www.ge.com/energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy – GE Power & Water, GE Energy Services and GE Oil & Gas – work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
For more information, visit the company’s Web site at www.ge.com. GE is imagination at work.
About HECIC New Energy
HECIC New Energy Co., Ltd. (HECIC NEW ENERGY) was established in 2006 as a wholly owned subsidiary of Hebei Construction & Investment Group Co., Ltd (HECIC).
HECIC NEW ENERGY is a professional company engaged in new energy undertakings. By adopting advanced technology and equipments as well as scientific management methods, it develops and utilizes wind, solar and nuclear energy, supplies clean electric power, adjusts industrial structure to maintain the healthy and sustainable development of the national economy and create social and economic benefits.
________________________________
News & Stories Published at Clean Energy Stocks Blog.
Green Investors:
Research Renewable Energy and water stocks as an Investor Ideas member and gain access to global green stock directories.
The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Smart Grid Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Visit the Renewable energy stocks directory - the largest online green stock directory for investors.
http://www.investorideas.com/Companies/RenewableEnergy/Stock_List.asp
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