GE Energy Financial Services of Stamford is partnering for the third time with wind power developer Invenergy Wind L.L.C., and investing in wind farms in Illinois and Texas. The farms are projected to produce emissions-free electricity equivalent to taking 96,000 average U.S. cars off the road.
Together, the two projects will produce nearly 250 megawatts of power.
Investments are being made at the McAdoo wind farm in Dickens County, Texas, and the Grand Ridge wind farm in La Salle County, Illinois.
The McAdoo wind energy project will employ 100 1.5-megawatt wind turbines and the Grand Ridge wind project will employ 66 1.5-megawatt wind turbines. Both projects are expected to come online in the third quarter of 2008. Financial details were not disclosed.
“Keeping the wind energy industry strong means more jobs and economic opportunities while helping the United States increase its supply of renewable energy and reduce dependence on foreign energy sources,” said Tim Howell, managing director and origination leader of renewable energy at GE Energy Financial Services.
The McAdoo and Grand Ridge projects together will avoid 526,000 metric tons of greenhouse gases annually and supply enough electricity for 70,000 average Texas and Illinois households.
“To sustain growth in wind energy investment, it is crucial that the federal government renew the Production Tax Credit, scheduled to expire in December,” Howell said.
With this investment, GE Energy Financial Services holds equity in 72 wind farms worldwide, with a capacity to produce nearly 4,000 megawatts of electricity. GE Energy Financial Services recently raised its renewable energy investment goal from $3 billion to $6 billion by 2010.
Both of the investments will help meet state renewable energy mandates.
Earlier this year, GE made an equity investment in Invenergy’s 129-megawatt Forward Energy wind farm in Wisconsin. GE has also invested in Invenergy’s 120-megawatt Stanton wind farm in Texas.
