GE to invest in Illinois wind farms

General Electric Co., the world's biggest maker of electricity-generating equipment, said its Energy Financial Services unit has raised its 2010 renewable energy investing target by 50 percent to $6 billion.

The unit previously had a target of $4 billion, Fairfield, Connecticut-based GE said today in a statement. The unit crossed the $3 billion mark with a $300 million investment in wind projects spanning four states.

The investment announced today is in wind farms in Oregon, Minnesota, Illinois and Texas. The farms are owned by Horizon Wind Energy LLC, a subsidiary of Energias de Portugal SA. A Wachovia Corp. unit is also providing equity in the wind farms, which EDP is building and plans to operate. The GE unit closed more than $2 billion worth of renewable energy transactions last year.

The GE unit has now invested or committed to invest in 85 wind farms. GE fell 75 cents to $35.17 on Jan. 11 in New York Stock Exchange composite trading.