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GE Energy Financial Services to up LatAm investment
Source: Bnamericas
Date: 03/13/2008 00:00
GE Energy Financial Services, a unit of multinational GE (NYSE: GE), plans to invest US$5bn outside the US - including Latin America - by the end of 2010 to grow and help meet soaring energy demand, a GE Energy Financial Services spokesperson told BNamericas.
The increasing investment represents GE Energy Financial Services` growing commitment to emerging markets.
"The US$5bn investment is an increase because it will comprise 25% of our total investments [through 2010], whereas our traditional level for non-US investing is 10%," the spokesperson said.
GE Energy Financial Services currently has investments in 35 developed and emerging economies.
"Building on our international experience dating back to the mid-1990s, we are rapidly broadening our global footprint to propel GE`s growth and help meet the world`s deepening infrastructure needs, particularly in emerging markets," GE Energy Financial Services CEO Alex Urquhart said in a statement.
The strategy reinforces GE`s plan to boost international revenues to take advantage of rapidly growing non-US economies, particularly in infrastructure areas such as energy, according to the statement.
"As we deepen our understanding of new international regulatory and legal environments, we are pursuing our full suite of products and segments, with emphasis on renewable energy, captive power and water projects," GE Energy Financial Services head of global growth Colleen Harkness said in the statement.
LATAM INVESTMENTS
The spokesperson highlighted GE Energy Financial Services` current investments in Brazil and Chile, without specifying the amount that would be directed to Latin America.
The company has invested in a ship drilling for oil off the coast of Brazil and also has a transmission JV in Chile.
GE Energy Financial Services acquired in 2005 an 80% equity interest in three 220kV transmission lines in Chile, all built and previously owned by Spanish energy company Abengoa.
Abengoa has a 20% interest and operates the lines that include the 150MW Crucero-El Abra line that connects state copper company Codelco`s El Abra copper mine to Chile`s northern SING grid.
The 450MW Santa Barbara-Trupán and 570MW Ralco-Charrúa lines connect the Ralco hydro and Pangue hydro plants respectively to Chile`s central SIC grid.

