ge energy financial services policy options shaping private investments in clean tech kevin walsh...
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GE Energy Financial Services
Policy Options Shaping Private Investments in Clean Tech
Kevin WalshManaging Director, Power & Renewables
May 1, 2009
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GE: Energy Financial Services’ strategic alignment
Technology Infrastruct
ure
NBC Univers
al
GE Capital
Energy Infrastruct
ure
Energy Financial Services
GE MoneyTreasury Commerc
ial Finance
Aviation
Financial
Services
GE Energy Financial Services:
Global, long-term growth
Essential, long-lived assets
Across capital spectrum and energy industry
Prudent risk management
25+ Years in Energy Finance; GE’s 100+ Years in Energy
$22B Assets $25MM-$1B Deals
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~4%
~20-25%
Renewable assets % of EFS portfolio
’04 ’10 Forecast
Accelerated renewable energy investing since 2004
$4B+ invested since 2004
Diverse mix of technologies
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NY: Noble Windpower
GE provided capital and 408 wind turbines for 6 NY State wind parks totaling 612 MW constructed, operated and managed by Noble Environmental Power
State involvement:• 10-year REC contract with NYSERDA
awarded under NY RPS program
• Siting approval and permits from NY DPS, other NYS agencies and local government
• PSC-driven utility industry restructuring created wholesale power market
• NY ISO cooperation on interconnection, scheduling
Opportunity:
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CA: SunPower Corporation
State involvement:
Opportunity:• EFS partners with manufacturer of
high-efficiency solar panels to provide capital for five CA solar projects
• 5 projects to avoid 8.3B total lbs. of CO2 emissions
• All 5 sites receive payments from California Solar Initiative … $0.34-$0.39/kWh for 5 years
• One site received CA Self Generation Incentive payment $2.5/W
• Government hosts: Lake County jail & wastewater plants; Rancho Water District
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MI: A123SystemsOpportunity:
State involvement:
• GE investment in lithium ion battery manufacturer: $70 million and 10% ownership stake
• A123 batteries implemented in electric vehicles and smart grid storage applications
• Michigan Economic Development Corporation awarded A123 $100M in refundable tax credits to build lithium ion battery manufacturing plants
• Growth for A123, economic/employment boost to MI
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States have many levers to attract investment in renewables Renewable Portfolio Standard
Streamline permitting/siting process
Grid expansion … planning & cost allocation
Rate recovery for smart grid and efficiency
Predictable incentives with adequate funding
Minimize local tax burden - sales/use, property, income
Economic development agencies … connect companies to potential sites
Training programs to provide skilled workers
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States also have an important role in Federal programsDrive implementation of Federal stimulus programs• Quickly channel stimulus
funds to existing programs• Promote rapid
implementation of Federal Grant & Loan Guarantee programs
Influential voice on key national policies … GHG regulation, renewables standard, regional grid expansion
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Contact:
Kevin Walsh
Managing Director, Power and Renewables
GE
Energy Financial Services
800 Long Ridge Road
Stamford, CT 06927
Phone: (203) 961-2144
Email: [email protected]
www.geenergyfinancialservices.com