GE Energy Financial Services, a unit of GE, recently announced a major achievement in the area of renewable energy investments. At the ACORE Phase II conference in Washington, D.C., this major global investor in multiple energy generation and distribution projects and companies announced that it reached its multi-year target of building a $6 billion portfolio of renewable energy investments by the end of 2010.

Inspired by GE’s ecomagination initiative, the company was able to extend its renewable energy portfolio from 6 percent in 2006 to 30 percent in 2010. In a press release, the company announced that in 2009 and 2010 to date, the business unit invested or committed to invest more than $1.5 billion in wind farms, closed transactions in geothermal and hydroelectric power generation, and made venture capital investments in smart grid and renewable energy companies.

All these projects and companies, according to GE Energy Financial Services, contributed to the recession torn economy. From creating thousands of “green collar” jobs worldwide to helping in growing the multi-billion dollar U.S. renewable energy manufacturing industry, the company’s investment resulted into a chain of positive outcome for the economy.

According to the U.S. Environmental Protection Agency methodology, it also helps in avoiding more than 23 million tons a year in global greenhouse gas emissions, equivalent to taking all the passenger vehicles off the road in the Washington, D.C., metropolitan area.

As for record, GE Energy Financial Services started investing in renewable energy in 1987. It had amassed a $3 billion portfolio by January 2008, when it set a target of reaching $6 billion by the end of this year. The investments have spanned 14 countries, 95 wind farms, 40 solar installations, six hydroelectric projects, 12 landfill gas facilities, and 15 projects involving other technologies, across a wide spectrum of capital -- from project equity to debt, and venture capital, the company officials informed.

In a press release, president and CEO of GE Energy Financial Services, Alex Urquhart said, “We achieved this $6 billion milestone because of our competitive advantage as a GE business focused on one of GE’s core domain strengths, renewable energy,” To maintain this momentum, drive further deployment of renewable energy worldwide and keep America competitive through technology innovation and job creation, we are calling on Congress to enact long-term, predictable renewable energy policies.”

Earlier this year, TMCnet reported a joint venture between GAMA Holding A.S. and GE Financial Services, resulting in Gama energy, the first wind energy project in Turkey.