NY Wind Power to Increase 70% with GE Investment

GE Energy Financial Services will help boost wind energy capacity in New York State by more than 70 percent with an investment in three Noble Environmental Power windparks that will generate 282 megawatts (MW).

The GE unit’s first investment in wind energy in New York State will increase the state’s wind energy capacity to 671 MW. The projects, located in the towns of Clinton and Ellenburg in Clinton County, and Bliss in Wyoming County, New York, represent a $564 million investment in renewable energy that will bring an estimated $352 million in new revenue to the regional economies over the next 20 years.

The 100.5-MW Noble Clinton Windpark, using 67 GE 1.5-MW SLE wind turbines, is in Clinton in Clinton County. Also located in Clinton County, the 81-MW Noble Ellenburg Windpark uses 54 GE 1.5-MW SLE turbines. The 100.5-MW Noble Bliss Windpark, which uses 67 GE 1.5-MW SLE turbines, is in Eagle in Wyoming County, New York.

“This transaction represents a significant geographic expansion of our wind energy footprint and helps us to reach our goal of investing $4 billion globally in renewable energy by 2010,” said Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services.

A total of 95 percent of the Renewable Energy Certificates generated by the three projects will be sold under 10-year contracts to the New York State Energy Research and Development Authority (NYSERDA). NYSERDA, a state government agency, purchases the certificates to meet New York’s Renewable Portfolio Standard, which requires that 25 percent of New York’s power come from renewable sources by 2013.

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