GE Energy Financial Services, a unit of GE (NYSE: GE), announced that it is acquiring a diverse pool of nearly $1 billion in senior secured energy project finance assets located in more than a dozen countries. GE Energy Financial Services is acquiring the portfolio from the Bank of Ireland, which is selling non-core loans as part of its deleveraging plan.
The loans are secured by long-lived energy infrastructure assets with an average loan size of approximately $35 million.
“With our industry expertise and specific knowledge of these assets, we see great value in this transaction and were able to execute in a timely and efficient manner. These assets increase our portfolio and make us more globally diverse,” said Matt O’Connor, a managing director and leader of the Financial Institutions Group at GE Energy Financial Services.
GE Energy Financial Services’ debt finance group provides a full complement of debt products and services to the energy industry, including corporate, structured, project, and acquisition financing. Its GE Capital Markets affiliate provides arranging and syndication services for many of these facilities.