GE Energy Financial Services, a unit of GE (NYSE: GE), in partnership with Horizon Wind Energy LLC,–owned by EDP Renewables (NYSE Euronext: EDPR)–is investing $117 million in an Oklahoma wind farm.
Horizon Wind Energy’s Blue Canyon V wind farm is a 99 megawatts (MW) expansion of a 225-MW wind farm near the small towns of Lawton and Elgin in Comanche County and Apache in Caddo County in southwest Oklahoma. In operation since last month, this project was built with GE 1.5-MW turbines and supplies its power to the Public Service Company of Oklahoma under a 20-year contract.
“These equity investments help us in continuing our growth and efficiently realizing incentives provided by the United States government,” said Gabriel Alonso, CEO of Horizon Wind Energy. “With partners like GE Energy Financial Services and its energy expertise and access to capital, EDP Renewables is targeting to invest over $4 billion in building new wind farms the next three years."
In addition to Blue Canyon, GE Energy Financial Services invested $111 million to join a previously closed transaction, Vento III, which consists of three wind farms, generating a total 604 megawatts: Rattlesnake Road (103 MW), in Oregon, west of Arlington in Gilliam County; Meridian Way (201 MW), in north central Kansas in Cloud County; and Pioneer Prairie (300 MW), in northeastern Iowa in Howard and Mitchell Counties.
GE Energy Financial Services and Horizon Wind Energy had also partnered in January 2008, when the GE unit invested $300 million in a 600 MW portfolio of Horizon Wind Energy’s projects spanning four US states.
Wind makes up nearly 80 percent of GE Energy Financial Services’ more than $4 billion renewable energy portfolio. The company plans to expand its renewable energy portfolio to $6 billion by the end of 2010, including investments in wind, solar, biomass, hydroelectric and geothermal power generation projects.
EDP Renewables, parent company to Horizon Wind Energy, recently announced that they have targeted to devote approximately $4 billion to building new wind farms in the United States through 2012.
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