GE Energy Financial Services Raises Largest* Solar Fund in Japan with Development Bank of Japan as Anchor Investor

• Fund represents a new renewable energy investment vehicle led by GE
  for the Japan market
• The fund is targeted at JPY 75 billion and has the potential to grow
  to JPY 90 billion

TOKYO–(BUSINESS WIRE)–GE Energy Financial Services (“GE EFS”), the energy investing unit of
General Electric (NYSE:GE), has raised the largest* solar energy fund in
Japan to invest in Japanese solar power projects. Development Bank of
Japan Inc. (“DBJ”), which used its renewable energy investing experience
to help GE EFS structure the fund, has committed as the anchor investor
for one third of the interests.

The fund invests in operating projects in Japan, such as the 32-megawatt
Kumenan solar plant that began operations in 2016, and in which GE EFS
previously held a majority stake. With Japan progressing towards its
goal to generate up to 24 percent of its power from renewable sources by
2030, more domestic investors are seeking opportunities in the country’s
renewable energy market.

With additional backing by a group of Japanese institutional investors,
the fund launched successfully with funding of JPY 46.3 billion. In the
third quarter of this year, GE EFS will look to raise additional
commitments to bring the fund to JPY 75 billion. Overall, the fund has
the potential to increase to JPY 90 billion, expanding opportunities to
invest in attractive, operating infrastructure assets.

“We are pleased to partner with DBJ and other leading Japanese
institutional investors to create this new vehicle in Japan,” said David
Nason, President & CEO, GE EFS. “This renewable energy infrastructure
investing platform marries the energy investing and market expertise of
GE EFS with strong local partners. It provides an important new source
of capital to meet the energy needs of Japan with clean, renewable solar
power.”

GE EFS has been investing debt and equity into the global power industry
for over 35 years. The company continues to make strategic investments
that generate strong risk adjusted returns, address global
infrastructure challenges and strategically align to GE’s customers. GE
EFS will hold both General Partner interests, managed through a Japanese
entity, GE EFS Energy Japan GK, and Limited Partner interests in the
fund. GE solar inverter technology is widely used in the projects
targeted to be put in the fund.

DBJ will hold Limited Partner interests in the fund. DBJ has long been
involved in the renewable energy sector and has recently been active in
supporting the expansion of renewable energy by extending risk capital
to numerous wind power, mega-solar, biomass and other projects inside
and outside Japan. DBJ is poised to meet the growing financial needs of
the renewable energy sector and provide institutional investors with
long-term investment opportunities.

Note to Editors:

* Based on GE EFS and DBJ’s research

* This press release has been prepared for the purpose of announcing to
the public certain activities of GE EFS and DBJ and not for the purpose
of soliciting any investment. This press release does not constitute any
offer or solicitation to purchase or subscribe any security, including
but not limited to the partnership interests in the Fund, in any
jurisdiction.

About DBJ

DBJ is a 100% Japanese government-owned financial institution
headquartered in Tokyo, Japan. Since the establishment of its
predecessor, Japan Development Bank in 1951, throughout its history, the
bank has been devoted to regional development, environmental
conservation, basic social infrastructure, and the creation of
technology and industry. With the customer-oriented innovative solutions
drawn from its unique integrated business model of investment and loans,
DBJ aims to promote joint risk capital-financing with business players,
financial institutions and investors for the creation and promotion of
the growth capital market.

About GE Energy Financial Services

A strategic GE Capital business, GE Energy Financial Services is a
global energy investor that provides financial solutions that help meet
the world’s energy needs. Drawing on its technical know-how, financial
strength and strong risk management, GE Energy Financial Services
invests in long-lived and capital intensive projects and companies. The
firm has 35+ years of experience managing energy assets through multiple
economic cycles, and a global portfolio that spans conventional and
renewable power, and oil and gas infrastructure projects. More
information: www.geenergyfinancialservices.com;
Twitter @GEEnergyFinServ.

About GE

GE (NYSE:GE) is the world’s Digital Industrial Company, transforming
industry with software-defined machines and solutions that are
connected, responsive and predictive. GE is organized around a global
exchange of knowledge, the “GE Store,” through which each business
shares and accesses the same technology, markets, structure and
intellect. Each invention further fuels innovation and application
across our industrial sectors. With people, services, technology and
scale, GE delivers better outcomes for customers by speaking the
language of industry. www.ge.com

Contacts

Media:
GE Energy Financial Services
Jaclyn Cochrane,
203-961-2934
[email protected]