GE Energy Financial Services, a unit of GE (NYSE: GE),
and Bankers Commercial Corporation, a unit of UnionBanCal Corporation, have acquired the 150-megawatts (MW) Alta Wind I wind farm in Tehachapi, in Kern County, California.
Financial details were not disclosed.
The wind farm represents the first phase of one of the largest wind
energy projects in the United States. It was completed in 4Q10.
The buyers each own 50% fo the wind farm, and are leasing it back to its developer, operator and manager, Terra-Gen Power, LLC.
Terra-Gen is using funds from the sale will be used to pay off construction loans.
The Alta Wind I farm is the first phase of the Alta Wind Energy Center, a planned 3,000 MW project. The first 1,550 megawatts of the center, including this phase, is
contracted to Southern California Edison (NYSE: EIX).
erra-Gen estimates the centerwill create more
than 3,000 domestic manufacturing, construction, operations and maintenance jobs, and will
contribute more than $1.2 billion to Kern County’s economy.
Alta Wind I is the first project to connect with Southern
California Edison’s Tehachapi Renewable Transmission Project, the first major transmission
project in California to be constructed specifically for accessing a renewable-rich resource area. When completed, the Tehachapi Renewable Transmission Projectwill consist of more
than 250 miles of new and upgraded high-voltage transmission infrastructure.
“This transaction, our first using a lease for a wind farm, demonstrates our ability to tailor
structures to meet our customers’ needs, in this case enabling Terra-Gen to free up cash
while enabling it to continue to operateand manage theproject,” said Kevin Walsh, a
managing director and leader of power and renewableenergyat GE Energy Financial
Services.
Terra-Gen Power owns 831 MW (net) of renewable generating facilities across 21 projects,
19 of which are operated and managed by Terra-Gen. Terra Gen’s development
subsidiaries hold over 5,000 MW of wind, geothermal, and solar development projects,
including the 3,000 MW Alta Wind Energy Center project in Tehachapi, CA,which is being
developed by Terra-Gen’s California Highwind Power subsidiary. Terra-Gen is owned by
ArcLight Capital Partners and Global Infrastruture Partners.
Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE:MTU), one of the world’s largest financial organizations.
GE Acquires Energy Monitoring Co.
In a separate announcement, GE (NYSE: GE) said it acquired Remote Energy Monitoring, Ltd. with operations in the United Kingdom and Australia. Financial terms were not disclosed.
Remote Energy Monitoring’s software and hardware technologies are approved by U.K. regulators and expand GE’s portfolio for the U.K. Remote Energy Monitoring’s metering solutions allow consumers and utilities to better monitor and manage their energy usage.
The modular design of their solutions makes them field upgradeable, enabling utilities to integrate new capabilities in the future without the time and expense of switching out meters.
Next Phase of ‘Ecomagination Challenge’
GE also announced a new phase of its $200 million open innovation challenge. Building on a first phase called “ecomagination Challenge: Powering the Grid,” GE and its venture capital partners announced the “Powering Your Home” Challenge, which begins January 18 and seeks the best ideas for harnessing and managing energy at home.
The global challenge invites technologists, entrepreneurs and start-ups to share their best ideas and come together to build and improve the eco home of the future with new technologies. The Challenge will be open between January 18 and March 1, 2011 at the link below.
In addition to investment, commercial relationships and other partnership opportunities, the judging panel of GE executives and leading academics and technologists will select five $100,000 Innovation Award winners whose ideas represent pioneering entrepreneurship and innovation.
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