FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington,  D.C.  20549

Report of a Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934



For the month(s) of: August 31, 1998


NEWCOURT CREDIT GROUP INC.

BCE Place, 181 Bay Street
Suite 3500, P.O. Box 827
Toronto, Ontario
Canada, M5J 2T3


[Indicate by check mark whether the registrant files or will file annual 
reports under cover Form 20-F or Form 40-F.]

		Form 20-F	/ /			Form 40-F	   /X/	

 [Indicate by check mark whether the registrant by furnishing the 
information contained in this Form is also thereby furnishing the 
information to the Commission pursuant to Rule 12g3-2(b) under the 
Securities Exchange Act of 1934.]

		Yes	/ /				No		    /X/	

 [If "Yes" is marked, indicate below the file number assigned to the 
registrant in connection with Rule 12g3-2(b)]

		82-  				

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized.

Date:  August 31, 1998

NEWCOURT CREDIT GROUP INC.


By: John P. Stevenson			
Corporate Secretary			



News Release


For immediate release 

Trading Symbol:  NCT       Contact:Robyn Matsumoto
Exchange Listings: Toronto         Corporate Communications
                   Montreal        (416) 594-2400
                   New York

      Newcourt Capital underwrites US$112.5
        million to finance purchase
     of Boston-area energy plant by Advanced
                Energy Systems, Inc.

New York, New York, August 31, 1998 - Newcourt 
Capital today announced that it has underwritten 
a US$112.5 million senior term loan facility to 
support the purchase of  Medical Area Total 
Energy Plant, Inc. (MATEP) by Advanced Energy 
Systems, Inc., a subsidiary of Commonwealth 
Energy System (NYSE:CES).

Purchased June 1, 1998 from the President and 
Fellows of Harvard College for US$147 million, 
MATEP is the largest non-utility energy system in 
New England.

MATEP is a dual-fueled, multi-asset, co-
generation facility located in Boston's Longwood 
Medical Area. It is the primary supplier of 
electricity, steam and chilled water to three of 
Harvard's professional schools, as well as five 
neighboring renowned teaching hospitals - 
Children's Hospital Medical Center, Dana Farber 
Cancer Institute, Brigham and Women's Hospital, 
Beth Israel Deaconess Medical Center, and Joslin 
Diabetes Center.

"Advanced Energy Systems was looking for true 
non-recourse project financing," said Daniel 
Morash, Managing Director of Newcourt Capital's 
Global Project Finance Unit.  "We designed a 
long-term financing structure that was attractive 
not only to our customer, but also to our funding 
partners, Pacific Life Insurance Company and 
Mutual of Omaha Life Insurance Company."

The financing took the form of 23-year term notes 
issued by MATEP on August 26, 1998, and is 
secured by long-term contracts between the energy 
plant and its customers.




"We were looking for a financing partner that 
could provide a tailored structure in a short 
timeframe, and that offered direct access to 
long-term funds," said Leonard Devanna, 
President, Advanced Energy Systems, Inc.  
"Newcourt provided a solution that more than met 
our objectives and gave us access to leading 
institutional investors."

"This project further develops Newcourt Capital's 
presence in the US energy sector, a key market 
for our Global Project Finance Unit," commented 
David McKerroll, President, Newcourt Capital.  
"Advanced Energy Systems is the kind of forward-
looking, innovative company we seek to partner 
with.  MATEP represents the energy service model 
for the future, and the quality of its customers 
will ensure the long-term viability of this 
project."

Commonwealth Energy System, based in Cambridge, 
Massachusetts, is a US$1 billion holding company 
with subsidiaries including Advanced Energy 
Systems, COM/Electric, COM/Gas, COM/Energy Steam, 
COM/Energy Marketing, and COM/Energy 
Technologies. Advanced Energy Systems, Inc. is an 
unregulated subsidiary of Commonwealth Energy 
System and is now the largest non-utility total 
energy provider in New England.

Newcourt Capital is a leader in corporate 
finance, providing specialized asset-based 
financing to the corporate, government and 
institutional markets for capital acquisitions 
and infrastructure development. Newcourt Capital, 
together with Newcourt Financial and Newcourt 
Services forms Newcourt Credit Group, one of the 
world's leading sources of asset-based financing 
with owned and managed assets of US$23.1 billion 
(Cdn$34.0 billion) and a global capability in 24 
countries.


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