GE financing backs wind farms

GE”™s Stamford office has provided Noble Environmental Power with capital for major projects in western and northern New York state.

“Although the challenges of the financial landscape are unprecedented, the need for clean, renewable energy has never been greater,” said Walt Howard, CEO, Noble. “The completion of this deal reflects the strength and talent of the Noble team as well as GE”™s continued commitment to renewable energy.”

Noble, a wind energy developer based in Essex, has received long-term capital for its 330-megawatt wind power projects from GE Energy Financial Services GE invested more than $200 million in the portfolio, which includes Noble”™s Altona, Chateauguay and Wethersfield wind-parks. A syndicate of banks and financial institutions provided long-term debt, including letters of credit, totaling approximately $440 million.

“Through this investment, GE Energy Financial Services is helping Noble move to the operating phase of this important New York state project and supporting the continued development of the U.S. wind industry, which could provide a tremendous boost for our economy,” said Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy Financial Services.  “GE also is working with the federal government to adopt investment rules that will further encourage renewable energy investment.”  

Each of the three wind-parks, located in Clinton, Franklin and Wyoming counties, employ 220 GE 1.5sle turbines. Walsh said together the wind-parks generate enough clean energy to supply the electricity needs of 110,000 average homes. The projects deliver power to the New York wholesale power grid.