GE Energy Financial Services, a unit of GE (NYSE: GE), announced today that it has signed an agreement with SSE plc, one of the largest generators and suppliers of energy in the UK, to acquire the 16-megawatt Langhope Rig wind farm, which is nearing construction completion near Hawick, in the Scottish Borders.
Situated approximately 55 miles south of Edinburgh, the project supports GE’s commitment to international expansion and investing USD $1 billion annually in renewable energy projects worldwide.
The Langhope Rig wind farm comprises 10 GE 1.6-megawatt wind turbines which GE Energy UK will service under a long-term operations and maintenance agreement. Under the terms of the acquisition agreement, GE Energy Financial Services will own and operate the wind farm once it becomes operational later this year.
Andrew Marsden, a managing director and European leader at GE Energy Financial Services, noted that the acquisition expands GE’s global presence, grows its international wind portfolio and demonstrates its commitment to supporting customers.
“The Langhope Rig acquisition supports our strategy of investing in high-quality energy assets with experienced partners,” said Marsden. “This transaction combines GE’s strengths as a leading supplier of both structured finance and energy technology in an investment underpinned by the UK’s stable wind regime.”
Renewable energy is a core focus area for GE Energy Financial Services, one of the world’s biggest investors in wind power, with a portfolio of projects spanning nine countries and a capacity totaling more than 14 gigawatts in operation or under construction.
GE Energy Financial Services – GE’s energy investing business – works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money – expertise – for essential, long-lived and capital-intensive power, oil and gas infrastructure-GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $16 billion in assets.