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NORWALK, Conn., Apr 18, 2006 -- BUSINESS WIRE
Showing its continued commitment to cleaner technology, GE's Technology Lending unit announced today that it is providing capital to Ocean Power Delivery, Ltd. (OPD), developer of the world's first commercial facility that will generate electricity from offshore ocean waves. The transaction, made in conjunction with GE Energy Financial Services, extends a loan facility of $2.6 million (GBP 1.5 million) to UK-based OPD. Additionally, GE will take an equity position as part of OPD's $22.5 million (GBP 13 million) equity raise as OPD prepares to deliver on its first commercial contract for a wave power farm. "Renewable energy is of global importance, and GE's commitment helps us to develop and commercialize new and improved wave energy technology," said Richard Yemm, Managing Director of OPD. "We look forward to exploring additional opportunities with GE's cleaner energy initiatives." "This transaction is another example of GE's ongoing commitment to companies that are developing new, environmentally beneficial technologies," said GE Technology Lending's Mark Huang. James Kim of Technology Lending added, "OPD clearly is a leading innovator in the emerging field of ocean-wave energy generation, a fact validated by the company securing the world's first commercial order in the sector." As part of its Ecomagination campaign, GE has pledged to significantly increase investments in cleaner technologies. Additional financial details of the transaction were not disclosed. About Ocean Power Delivery Ocean Power Delivery Ltd (www.oceanpd.com) was formed in January 1998 to develop wave energy systems that generate renewable electricity from ocean waves. In early 2005, OPD announced the signing of an order with a consortium, led by Enersis, to build the initial phase of the world's first commercial wave-farm at a site 5km off the coast of northern Portugal. The first stage consists of three 750kW Pelamis machines with a combined rating of 2.25MW. A letter of intent has also been issued to order a further 28 Pelamis machines before the end of 2006. OPD is working on parallel initiatives in a number of key markets around the world. About Technology Lending GE Commercial Finance - Technology Lending (getechnologylending.com) provides debt and associated equity financing to technology-related businesses. Industry segments include Semiconductors, Software/Applications, Networking/Applications, Communications Infrastructure/Applications, IT Services, Internet Services, Media/Content, Consumer Electronics and Clean Energy Technology. Technology Lending is a business unit of GE Commercial Finance - Global Media & Communications. With over $5 billion in assets, offices in Atlanta, Chicago, London, New York, Norwalk, San Francisco and resources in Asia-Pacific, Global Media & Communications represents a one-stop source for the comprehensive range of GE's lending and other structured financial services offered to the telecom, media, technology and sports & entertainment marketplace. For more information, visit gegmc.com. About GE Energy Financial Services GE Energy Financial Services, based in Stamford, Connecticut, invested $3 billion during 2005 in the world's most capital-intensive industry, energy. In 2005, GE Energy Financial Services invested nearly $500 million in cleaner energy projects worldwide, and plans to grow its renewable energy investments from nearly $1 billion to more than $3 billion by 2008. Through a dedicated team, Energy Financial Services invests in high-quality renewable energy projects including wind, solar, hydro, geothermal, biomass, bio-fuels, and carbon offset projects. It draws on its originating, marketing, technical, structuring, environmental, insurance, underwriting and tax expertise - as well as expertise from its sister financing, research, manufacturing and services businesses, to maximize value for project developers. With more than $11 billion in assets, GE Energy Financial Services' 300 professionals offer structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. For more information, visit www.geenergyfinancialservices.com. About GE Commercial Finance GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com. Note to editors: high-resolution photographs available. SOURCE: GE Commercial Finance News Provided By |
