First Thin Film Solar, Now Wind for GE’s Ecomagination

Following an announcement that GE had acquired a minority equity interest in thin-film solar company PrimeStar Solar earlier this week, GE Energy Financial Services announced yesterday that it is investing in the $231 million Champion Wind Farm in Roscoe, Texas.

The investment is in collaboration with project developer and operator Airtricity. This is GE Energy Financial Services‘ third wind farm investment with Airtricity and Airtricity’s first project in North America not governed by a traditional long-term power purchase agreement.

Construction of the Champion wind project began this past May and is scheduled for completion by May 2008. It will employ 55 2.3-MW Siemens turbines, with power sold into ERCOT’s West Texas electricity grid.

Airtricity and GE Energy Financial Services are also collaborating on the Forest Creek Wind Farm, a 125-MW facility 25 miles southeast of Big Spring, and the Roscoe Wind Farm, a 209-MW wind farm five miles north of Champion.

The project supports GE’s ecomagination efforts by helping Texas, which leads US states in installed wind power, meet its requirement to produce 5,800 MW of its power from renewable sources by 2015.

Ecomagination is GE’s initiative to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products. Worldwide, GE Energy Financial Services has invested equity in 50 wind farms, with a capacity to produce more than 2,435 MW of electricity. It plans to double its more than $2 billion of renewable energy investments by 2010.

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