World's Largest Solar Photovoltaic Power Plant to Be Built with GE Investment and PowerLight Technology

Business Wire, April 27, 2006

STAMFORD, Conn. & BERKELEY, Calif. & LISBON, Portugal -- GE Energy Financial Services, PowerLight Corporation and Catavento Lda announced today that they will build the world's largest solar photovoltaic power project. The 11-megawatt solar power plant, comprising 52,000 photovoltaic modules, will be built at a single site in Serpa, Portugal, 200 kilometers (124 miles) southeast of Lisbon in one of Europe's sunniest areas. E[acute accent]GE Energy Financial Services will finance and own the facility in a $75 million transaction. PowerLight, a leading global solar power system provider, designed, will operate and maintain this solar power plant employing the company's innovative PowerTracker(R) system. Catavento, a leading Portuguese renewable energy company, developed the project and will provide management services. Material deliveries have begun, and construction will commence in May. The project - on a 60-hectare (150-acre) southern-facing hillside that will remain productive farmland -- is scheduled for full power operation by January 2007. E[acute accent]"This investment is a major step for GE Energy Financial Services not only because this is the world's largest solar photovoltaic plant but also because it's our first solar power project in Europe and puts us close to the $1 billion mark in our global renewable energy portfolio," said Alex Urquhart, President and CEO of GE Energy Financial Services. "In addition, the plant will benefit from the use of PowerLight's innovative solar tracking technology which will enhance the plant's energy yield. We look forward to working with PowerLight on other clean energy projects throughout the world as we carry out GE's ecomagination initiative to help customers meet their environmental challenges." E[acute accent]Andrew Marsden, Managing Director of GE Energy Financial Services' European Operations, added: "This landmark solar project will make a material contribution to Portugal's solar power generation target which forms part of its strategy to reduce greenhouse gas emissions. For us, this investment underscores our strategy to invest in high-quality renewable energy projects in Europe in supportive regulatory regimes such as Portugal's. The Serpa project will take our European renewable energy portfolio to a total of 177 megawatts." E[acute accent]"The Serpa solar power plant is a clear example of GE's commitment to clean, reliable renewable energy," noted PowerLight CEO Tom Dinwoodie. "PowerLight is pleased to be partnering with GE Energy Financial Services to achieve this solar industry milestone." E[acute accent]With no fuel cost or emissions, the Serpa solar installation will produce electricity sufficient to power 8,000 homes and save more than 30,000 tons a year in greenhouse gas emissions compared with equivalent fossil fuel generation. E[acute accent]The project is expected to be Portugal's first large photovoltaic installation to go online. E[acute accent]"This landmark project culminates years of administrative and regulatory efforts in our strategy to implement a large solar project in Portugal," said Piero Dal Maso, co-CEO of Catavento. Co-CEO Sergio Costa added: "We hope this project clearly demonstrates that solar energy is a promising alternative power source that should be freed from roadblocks." E[acute accent]PowerLight's PowerTracker(R) is the world's most widely used solar power system for large-scale power plants because of its efficiency and reliability. The company's patented tracking technology follows the sun as it moves across the sky throughout the day, generating more electricity than conventional fixed-mount systems. E[acute accent]"PowerLight continues to increase its leadership in the solar power plant industry in Europe," noted Marco Northland, PowerLight's General Manager, Europe. "We look forward to delivering more projects with GE."

E[acute accent]About GE Energy Financial Services

E[acute accent]GE Energy Financial Services, based in Stamford, Connecticut USA, with European operations based in London, invested $3 billion during 2005 in the world's most capital- intensive industry, energy. With more than $11 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. Energy Financial Services has developed a strong record investing in solar, biomass, hydro, wind and geothermal power, and is growing its portfolio of nearly $1 billion in renewable energy assets. For more information, visit www.geenergyfinancialservices.com. E[acute accent]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 the company's Web site at www.ge.com.