September 16, 2005 16:09 ET

GE Energy Financial Services and Starwood Energy Announce Strategic Alliance to Fund Power Generation Development Projects

STAMFORD & GREENWICH, Conn.--(CCNMatthews - Sep 16, 2005) -

GE Energy Financial Services and Starwood Energy Group Global, LLC ("Starwood") announced today that they have formed a strategic alliance to fund power generation development projects.

GE Energy Financial Services and Starwood will invest in contracted and merchant pre-construction coal, gas and wind power generation projects. The venture, focusing initially on the United States and Canada, will consider funding mid- to late-stage development projects with long-term equity investment potential. The venture already has identified several investment candidates led by large, well-known developers, as well as smaller regional entities.

The move is a growth initiative for GE Energy Financial Services, which already holds investments in power projects with a capacity to produce 22 gigawatts -- enough to power more than 20 million homes.

"This venture represents an expansion of our investment universe beyond established power generation operations to development projects," said Leanne Bell, Managing Director for Power at GE Energy Financial Services. "We'll bring to this alliance our core competencies in structuring and technical skills, as well as in operations."

Starwood, which recently expanded into power and energy investing, considers the alliance an important strategic relationship to accelerate its initiatives.

"Expanding upon Starwood Capital's longstanding relationship with GE, we are extremely pleased to announce this venture. Private capital has played an important role in meeting growing electricity demand, and in the process, has helped provide efficient, low cost power on behalf of ratepayers. GE, the industry leader, and Starwood seek to provide critical development capital and expertise to developers for select opportunities in recovering power markets," said Barry Sternlicht, Founder, Chairman and CEO of Starwood Energy Group Global, LLC.

About GE Energy Financial Services

GE Energy Financial Services, based in Stamford, Connecticut, invests about $3 billion annually in the world's most capital-intensive industry, energy. With about $12 billion in assets, GE Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. For more information, visit

About GE

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit

About Starwood Energy Group Global, LLC

Starwood Energy is an affiliate of Starwood Capital, a privately held global investment management firm based in Greenwich, Connecticut whose global reach spans markets across Asia, North America and Europe. Since inception in 1991, Starwood Capital and its predecessors have completed over 300 transactions representing approximately $9.0 billion worth of real estate and related assets. Several of Starwood's more visible investments and sponsored companies include: Starwood Hotels & Resorts Worldwide, Inc. (including the Sheraton, Westin, St. Regis and W brands) (NYSE: HOT), iStar Financial, Inc. (NYSE: SFI), and National Golf Properties/American Golf Corporation.

Over the last year, Starwood Capital has diversified into the power and energy sector and assembled a dedicated team of professionals to originate and evaluate such opportunities. For example, nearly a year after providing development capital, on July 15, 2005, Starwood invested long term equity to support the construction financing of the Neptune Regional Transmission System - a 660 megawatt HVDC undersea transmission line connecting the power grids between New Jersey and Long Island. For more information regarding Starwood Capital, visit

Contact Information

  • GE
    Ken Koprowski,203-961-5743
    Starwood Capital
    Steve Zaminski, 203-422-7761