GE Energy Financial
services Acquires POrtfolio of performing ENERGY PROJECT FINANCE
ASSETS
STAMFORD, Conn., Oct.
14, 2011 – GE
Energy Financial Services, a unit of GE (NYSE: GE), announced today that it is
acquiring a diverse pool of nearly $1 billion in senior secured energy project
finance assets located in more than a dozen countries. GE Energy Financial
Services is acquiring the portfolio from the Bank of Ireland, which is selling
non-core loans as part of its deleveraging plan.
The loans are secured
by long-lived energy infrastructure assets with an average loan size of
approximately $35 million.
“With our industry expertise
and specific knowledge of these assets, we see great value in this transaction
and were able to execute in a timely and efficient manner. These assets increase
our portfolio and make us more globally diverse,” said Matt O’Connor, a
managing director and leader of the Financial Institutions Group at GE Energy
Financial Services.
GE Energy Financial
Services’ debt finance group provides a full complement of debt products and
services to the energy industry, including corporate, structured, project, and
acquisition financing. Its GE Capital Markets affiliate provides arranging and
syndication services for many of these facilities.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest
globally across the capital spectrum in essential, long-lived, and
capital-intensive energy assets that meet the world’s energy needs. In addition
to capital, GE Energy Financial Services offers the best of GE’s technical
know-how, technology innovation, financial strength, and rigorous risk management.
Based in Stamford, Connecticut, the GE business unit helps its customers and GE
grow through new investments, strong partnerships, and optimization of its
approximately $20 billion in assets. For more information, visit http://www.geenergyfinancialservices.com.
About GE
GE (NYSE:
GE) is an advanced technology, services and finance company taking on the
world’s toughest challenges. Dedicated to innovation in energy, health,
transportation and infrastructure, GE operates in more than 100 countries and
employs about 300,000 people worldwide. For more information, visit the company's
Web site at www.ge.com.
Contact:
GE Energy Financial Services
Christa
Bowers
Office:
203-961-2934
Cell:
203-339-1434