GE Unit Invests in U.S.-based Wind Portfolio

GE Energy Financial Services has committed to invest in a 410-megawatt (MW) wind farm portfolio, among its single largest wind investments, with locations in California, Illinois, New Mexico and Pennsylvania.

GE Energy Financial Services has committed to invest approximately $270 million for 70 percent of the Class A equity, with a subsidiary of Wachovia Corp., providing the balance, in six wind farms until now wholly owned by affiliates of global investment and advisory firm Babcock & Brown. Affiliates of Babcock & Brown will be the manager and will remain as Class B equity co-investors in the portfolio. Additional financial details were not disclosed. The wind portfolio consists of Aragonne Mesa (90 MW) in Guadalupe County, New Mexico, which is built with Mitsubishi 1000A turbines; Allegheny Ridge I and II, (80 and 70 MW respectively), in Pennsylvania’s Cambria and Blair counties; FirstEnergy Solutions, a subsidiary of FirstEnergy Corp., has contracted to purchase the output of the two wind farms, which use Gamesa G87 turbines. Other wind farms include GSG (80 MW) in Illinois; and Mendota Hills (52 MW), also in Illinois. In Northern California, Buena Vista (38 MW), which uses Mitsubishi 1000A turbines. All the wind farms have either been completed or will be completed by the end of April, except Allegheny Ridge II, expected to be finished by December. “This transaction continues the expansion of the geographic footprint and technology mix of our wind holdings,” said Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services, who spoke at CERAWeek 2007 in Houston, Cambridge Energy Research Associates’ annual conference, where the announcement was made. With this transaction, GE Energy Financial Services has invested or committed to invest equity in 25 wind farms, bringing the total capacity of its wind equity holdings globally to more than 1,300 MW.
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