GE’s green projects dependent on gov’t cash grants
TEXT OF STORY
JEREMY HOBSON: The Senate is expected to vote today on the President’s tax cut compromise. Included in that $861 billion tax and spending deal is about $3 billion in cash grants for renewable energy.
Marketplace’s Sarah Gardner reports on one big name company in line for the money.
Sarah Gardner: These Treasury Department cash grants are aimed at propping up large-scale solar and wind energy projects. That’s why General Electric has been pushing hard for them. Morningstar analyst Daniel Holland:
Daniel Holland: If you see any of those big wind turbines that are out in the middle of an empty field, GE manufactures those and has a pretty big vested interest in making sure that renewable energy is successful.
But GE doesn’t just make and sell wind turbines. It bets heavily on clean energy through its financial services unit too. So far the company’s invested $6 billion in green energy projects around the world. That includes 95 wind farms and 40 solar installations.
GE says it’s invested in a half dozen projects that wouldn’t have gotten off the ground without the Fed’s renewable energy grants. The program’s due to expire this month but the Senate tax bill would extend it one more year.
I’m Sarah Gardner for Marketplace.
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