GE unit to invest $5 billion outside U.S. by 2010

Jeffrey R. Immelt, chairman and chief executive of General Electric leads a discussion with business leaders in Los Angeles, California May 24, 2007. GE Energy Financial Services, a unit of General Electric Co, said on Tuesday that it would invest $5 billion outside the United States by 2010.

NEW YORK (Reuters) - GE Energy Financial Services, a unit of General Electric Co (GE.N), said on Tuesday that it would invest $5 billion outside the United States by 2010.

The $5 billion figure means about a quarter of the unit's total investment will be overseas, up from 10 percent traditionally, said GE Energy Financial Services, which has opened offices in Dubai and Singapore and is expanding its office outside New Delhi.

The unit said it had about $17 billion in assets and would focus its investments on renewable energy and water projects, as well as in "captive power" plants, which are set up by large energy users like industrial companies for their own use.

The strategy reflects GE's push to boost its international revenues by taking advantage of a global infrastructure boom, the company said.

GE, part of the Dow Jones industrial average, was trading up 2.9 percent at $32.62 in Tuesday morning trade.

(Reporting by Nick Zieminski; Editing by Lisa Von Ahn and Dave Zimmerman)