General Electric (NYSE: GE) has $4 billion to spend on renewable and conventional energy projects, but will not put the funds to use until the U.S. government determines how it will disperse its grant funding under the recovery act, according to Tim Howell who heads the energy business of GE Energy Financial Services (EFS).
Howell told Reuters that EFS was lining up thousands of megawatts of renewable energy projects, but nothing is likely to move forward until the Department of Energy determines how $48 billion in approved loan guarantees will be issued.
"In this environment, no one’s going to get (financing) approval to do anything now," Howell said.
In March, GE said it was planning a big push into cleantech, doubling R&D funding and expanding efforts thin-film solar, carbon capture and sequestration (CCS), energy storage, organic LEDs, desalinization and just about every other sector of the industry.
Read the Reuters coverage of Howell’s comments at the link below.
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