The financial arm of GE believes that within two years alternative sources such as wind and solar power will account for almost a quarter of its total investments in energy and water, up from 10 per cent in 2006, the paper reported.
NEW YORK (Reuters) - Diversified conglomerate General Electric Co. <GE.N> will on Monday announce plans to double its investments in renewable energies to $6 billion by 2010, the Financial Times reported on Sunday.
The financial arm of GE believes that within two years alternative sources such as wind and solar power will account for almost a quarter of its total investments in energy and water, up from 10 per cent in 2006, the paper reported.
Alex Urquhart, chief executive of GE's energy financial services unit, which has total assets of more than $16 billion, told the Financial Times that renewable energy was the division's fastest-growing business, the paper said.
GE was not immediately available for comment.
!ADVERTISEMENT!(Reporting by Megan Davies; Editing by Valerie Lee)
