GE doubles cleantech venture investments to $50M annually

GE Energy Financial Services, a unit of General Electric, will double its renewable energy investments by 2010, the company said.

As part of that effort, it will also double its venture capital investments into clean tech companies to $50 million annually from an earlier goal of $25 million.

See the company’s statement here.

Significantly, GE also said it has become one of the first financial institutions to disclose the greenhouse gas emissions from its power plant equity investments.

GE Energy Financial Services’ fastest growing business area is its worldwide investing in wind, solar, biomass and geothermal renewable energy.

The expanded investment target will increase the share of renewable energy assets in GE Energy Financial Services’ overall portfolio to nearly 20 percent, or $4 billion, by 2010, the company said.