Daily News: April 28, 2014

GE Energy Financial Expecting Profits to Double

Reuters reported, based on an interview with the head of GE’s Energy Financial Services’ unit, GE expects annual profit from energy investments to double to nearly $800 million by 2020, highlighting the conglomerate’s desire to remain a financing powerhouse for industry even as it slims its credit card portfolio.

Reuters notes that the unit not only finances equipment purchases for customers, but directly invests in energy projects, regardless of whether they use GE products.

Reuters said in 2012 the unit partnered with JPMorgan to invest $225 million in a NextEra Energy Texas wind farm that used both GE and Siemens turbines.

To view the Reuters report, click here.