GE Energy Financial Services, a unit of GE (NYSE:GE), is partnering with wind farm developer Acciona (ANA.MC), and is investing $141 million in the Tatanka Wind Farm on the North Dakota-South Dakota border. The transaction represents the GE unit’s first wind equity investment in the Dakotas and the first wind farm in the United States built entirely by Acciona.
GE Energy Financial Services invested with Wachovia Investment Holdings LLC to provide structured equity for the 180-megawatt (MW) wind farm, which spans 14,000 acres of farmland in Dickey, McIntosh and McPherson counties in North and South Dakota. The $381 million project, which went into commercial operation last month, uses 120 Acciona 1.5-MW turbines to provide enough electricity to power more than 60,000 average homes.
The farm will annually produce power sufficient to avoid more than 550,000 tons a year in greenhouse gas emissions, compared to equivalent fossil fuel generation. That’s comparable to taking 90,000 cars off the road. Acciona Energy North America will own and operate the new wind farm.
"We are helping ACCIONA with Tatanka–whose name is inspired by the Lakota Indian tribal word for the buffalo that once roamed the Midwest–to charge into the American wind industry with a major project in the best wind farming area of the United States," said Tim Howell, Managing Director and origination leader of renewable energy at GE Energy Financial Services.
Acciona Energy is a leader in the development of wind farms, with more than 5,403 MW installed across 13 countries. It is the seventh largest wind turbine manufacturer, with more than 1,158 operating wind turbines producing more than 1,700 megawatts. Acciona built its first American wind turbine production plant in Iowa in January to supply its aggressive North American development pipeline.
About GE Energy Financial Services
GE Energy Financial Services’ 400 experts invest globally with a long-term view, backed by the best of GE’s technical know-how and financial strength, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With $19 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, invests more than $5 billion annually in two of the world’s most capital-intensive industries, energy and water. In renewable energy, GE Energy Financial Services is growing its portfolio of more than $4 billion in assets in wind, solar, biomass, hydro and geothermal power. For more information, visit http://www.geenergyfinancialservices.com
About ACCIONA Energy
ACCIONA Energy is leader in renewable energies with a major presence in eight technologies. In wind power it has installed 5,403 MW, owned by the company and other companies, in 195 wind parks in 13 countries, and it produces wind turbines using proprietary technology. As of June 30, 2008, the company had installed 65 MW of solar thermal plants, 97 MW of photovoltaic power and 30 MW of thermal energy. It also owns and operates three biomass plants (33 MW) and 19 small hydro power stations (59 MW). In biofuels, it produces biodiesel from vegetable oils and bioethanol from wine-surplus alcohol.
ACCIONA Energy belongs to the ACCIONA group, a Spanish corporation with activities in more than 30 countries on five continents. It works in the fields of infrastructure, renewable energy, hydro resources, urban and environmental services, logistics and transport, housing development and hospital management, among others. ACCIONA has a workforce of over 40,000 employees.
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