ROSCOE, Texas & STAMFORD, Conn.–(BUSINESS WIRE)–GE Energy Financial Services, a unit of General Electric (NYSE: GE), is helping renewable energy company Airtricity, Inc. grow in the booming US wind energy market and boosting its own portfolio by investing in a 126.5-megawatt wind farm under construction in West Texas.
GE Energy Financial Services is investing alongside Airtricity – the project developer and operator — in the $231 million Champion Wind Farm in Roscoe in Mitchell and Nolan counties, 40 miles southwest of Abilene in a cotton farming area. This is GE Energy Financial Services’ third wind farm investment with Airtricity and Airtricity’s first project in North America not governed by a traditional long-term power purchase agreement. Additional financial details were not disclosed.
Construction of the Champion wind project began in May and is scheduled for completion by May 2008. It will employ 55 2.3-megawatt Siemens turbines, with power sold into ERCOT’s West Texas electricity grid backed by a five-year minimum priced contract with Coral Energy Holding, LP, a wholly owned subsidiary of Royal Dutch Shell plc. Airtricity and GE Energy Financial Services are also collaborating on the Forest Creek Wind Farm, a 125-megawatt facility 25 miles southeast of Big Spring, and the Roscoe Wind Farm, a 209-megawatt wind farm five miles north of Champion.
Champion will annually produce power sufficient for 35,000 homes and will avoid 225,000 tons a year in greenhouse gas emissions, compared to equivalent fossil fuel generation. The project supports GE’s ecomagination efforts by helping Texas, which leads US states in installed wind power, meet its requirement to produce 5,800 megawatts of its power from renewable sources by 2015. Ecomagination is GE’s initiative to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products.
Worldwide, GE Energy Financial Services has invested equity in 50 wind farms, with a capacity to produce more than 2,435 megawatts of electricity. It plans to double its more than $2 billion of renewable energy investments by 2010.
“This third wind farm investment with Airtricity is a fresh illustration of a triple win – helping GE and its valued customer grow, while helping Texas meet its renewable energy target,” said Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services.
Airtricity North America CEO Declan Flanagan stated: “As more businesses and policymakers recognize the economic and environmental advantages of wind power, Airtricity is becoming one of the largest wind power operators in Texas, the state which leads the nation in wind energy. Airtricity is taking a leading role in helping America meet its energy needs, backed by our partner, GE Energy Financial Services.“