GE Energy Financial and Invenergy Invest in Illinois and Texas Wind Farms
Posted on: Tuesday, 18 March 2008, 09:01 CDT
GE Energy Financial Services, a unit of GE, has partnered for the third time with Invenergy Wind, to invest in Illinois and Texas wind farms that will produce emissions-free electricity equivalent to taking 96,000 average US cars off the road. Together, the two projects will produce nearly 250MW of power.
GE Energy Financial Services is investing in the McAdoo wind farm in Dickens County east of Lubbock, Texas, and the Grand Ridge wind farm in La Salle County, Illinois, 80 miles southwest of Chicago. The McAdoo wind energy project will employ 100 GE 1.5MW wind turbines. The Grand Ridge wind project will employ 66 GE 1.5MW wind turbines. Both projects are expected to come online in the third quarter of 2008. Financial details were not disclosed.
With this investment, GE Energy Financial Services holds equity in 72 wind farms worldwide, with a capacity to produce nearly 4,000MW of electricity. GE Energy Financial Services recently raised its renewable energy investment goal from $3 billion to $6 billion by 2010.
Tim Howell, managing director and origination leader of renewable energy at GE Energy Financial Services, said: "To sustain growth in wind energy investment, it is crucial that the federal government renew the production tax credit, scheduled to expire in December.
"Keeping the wind energy industry strong means more jobs and economic opportunities while helping the US increase its supply of renewable energy and reduce dependence on foreign energy sources."
Source: Datamonitor
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