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Is GE EFS now a sponsor's first resort?
26 September 2011
GE EFS built its reputation on providing lease equity, tax equity, and as a lender of last resort. As it emerges from the lows of 2008, straight debt and equity is the order of the day. Edward Russell talks to Alex Urquhart, chief executive of GE EFS.
GE Energy Financial Services days of providing only niche and high-priced capital are long gone. With the winding down of the US Department of Energy (DoE) loan guarantee and Treasury cash grant programmes, GE EFS is well placed to be a mainstream provider of mainstream financial products.
One developer who recently worked with GE EFS on a project notes that until relatively recently sponsors would only approach the firm, which was simply a group in GE Capital until 2004, if they could not close financing elsewhere. And GE expected to make a handsome return on debt or equity.
GE EFS is now much more respectable. In just the last two years, it has taken equity stakes in Calpines 619MW Russell City natural gas-fired thermal power plant and Competitive Power Ventures (CPV) 850MW Sentinel gas-fired peaker projects in California, resurrected the bankrupt 300MW Dokie wind project in British Columbia and acted as a...
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