23-Megawatt Contract is Largest Solar Equipment Supply Project Agreement in the Midwest --- Located Adjacent to Invenergy's Grand Ridge Wind Project --- Further Expands GE's Leadership in Renewable Energy Space with 27-Gigawatts Installed Globally --- Adding Solar to 10 Percent of GE's Global Wind Turbine Installed Base, Would Sell Out GE's Recently Announced 400 Megawatt Solar Panel Factory in Colorado for Six Years
SCHENECTADY, N.Y.—January 18, 2012—GE (NYSE: GE) today announced an agreement to supply 23 megawatts (MW) of advanced solar equipment to Invenergy. Invenergy will install the solar equipment at its Grand Ridge Solar project ("Grand Ridge Solar"), now under construction in Illinois. When completed in mid-2012, Grand Ridge Solar will be the largest solar farm in the Midwest.
The Grand Ridge Solar site is located in La Salle County, Ill., adjacent to the company's Grand Ridge Wind project ("Grand Ridge Wind"). Invenergy, a leading clean energy company and the nation's largest independent wind power generation company, owns and operates Grand Ridge Wind, where 140 of GE's 1.5 MW series wind turbines are providing 210 MW of power.
"As we look to continue the expansion of our clean energy portfolio, advancements in technology have made solar a more competitive solution," said Michael Polsky, Invenergy's president and chief executive officer. "Having installed over 1,500 of GE's wind turbines at projects across the United States, integrating GE's solar technology is a natural fit."
"Invenergy again has established itself as a market leader by bringing its development capabilities to both wind and solar projects," said Victor Abate, vice president of GE's Renewable Energy business. "Expertise in multiple technologies is the future of the renewable energy landscape. At GE, we're uniquely able to partner on both wind and solar projects with customers like Invenergy."
In addition to supplying thin film solar panels to Grand Ridge Solar, GE also will supply packaged inverter skids that include Brilliance* inverters, transformers and re-combiners, as well as GE SunIQ plant controls. The SunIQ platform will enhance the grid integration capability of the solar plant.
GE Advancements in Solar Technology
Late last year, GE announced its plans to build the country's largest solar panel factory in Aurora, Colo. At capacity, the new factory will produce enough panels per year to power 80,000 homes and will highlight a $600 million investment in GE's solar business.
Colorado also is home to GE Energy's thin film solar pilot line, where joint technology advancements from GE's Global Research Center and PrimeStar Solar have been validated and tested. GE completed the acquisition of PrimeStar last year.
Solar panels produced in the new Colorado factory will be more efficient, lighter weight and larger than conventional thin film panels. High efficiency is a key component of GE's commitment to offer advanced solar products which reduces the total cost of electricity for utilities and consumers. Lighter panels will allow easier installation and facilitate important applications such as commercial rooftop systems. Larger-sized panels help to lower total system cost by reducing the amount of racking and electrical components required.
As one of the leading providers of renewable energy products and services, GE is committed to offering best-in-class technology at the lowest cost of electricity. Since 2002, GE has established itself as a global leader in the renewable energy industry, installing more than 27 gigawatts of wind turbines around the world.
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy's home office is located in Chicago with regional development offices located throughout the United States, and in Canada and Europe.
As the nation's largest independent wind power generation company, Invenergy and its affiliated companies currently have over 6,700 MW of wind, solar and thermal projects under contract, in construction or in operation. For more information, please visit www.invenergyllc.com.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy—GE Power & Water, GE Energy Management and GE Oil & Gas—work together with more than 100,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.