GE AEROSPACE 
By
HUNTER, Okla., April 2, 2012 - GE (NYSE: GE) unit GE Energy
Financial Services has partnered with Enel Green Power
North America, Inc. by committing common equity for a 51
percent ownership stake in one of Oklahoma's largest wind
projects. The Chisholm View wind project is now under
construction near Hunter, 85 miles north of Oklahoma City
in Grant and Garfield counties, and is expected to cost
approximately $375 million. Enel Green Power North America
owns the remaining 49 percent of the 235-megawatt wind farm
and serves as project manager. Enel Green Power and GE
Energy Financial Services will later raise tax equity for
the wind farm.
"Through this deal, we are deepening our partnership with
an established wind energy leader, Enel Green Power, and
supporting their efforts as a common equity partner,
representing an evolution in our US wind investing
strategy," said Kevin Walsh, managing director and leader
of power and renewable energy at GE Energy Financial
Services.
The project will be completed later this year prior to the
Federal Production Tax Credit deadline. It will use 140 of
GE's 1.6-megawatt wind turbines and supply power to Alabama
Power Company, a Southern Company subsidiary, under a
20-year agreement. The wind farm's developer TradeWind
Energy, a strategic development partner of Enel Green Power
North America, estimated that the Chisholm View wind
project will contribute up to $5 million annually to the
local economy via property taxes and rent payments to
landowners, and create 150 construction and up to 15
permanent jobs. The project is expected to generate enough
power to avoid more than 565,000 metric tons of greenhouse
gas emissions per year - equivalent to taking approximately
110,000 cars off the road - according to US Environmental
Protection Agency methodology.
GE Energy Financial Services has previously invested with
Enel Green Power in a 101-megawatt wind farm in Smoky
Hills, Kansas, and a 63-megawatt wind farm in Scurry
County, Texas. This transaction expands the GE unit's
global wind portfolio which comprises equity and debt
financings for projects spanning 17 US states and four
other countries totaling 9.6 gigawatts in operation or
under construction. GE Energy Financial Services' wind
investing supports GE's broader ecomagination strategy to
create value for customers by solving energy, efficiency
and water challenges.
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally
across the capital spectrum in essential, long-lived, and
capital-intensive energy assets that meet the world's
energy needs. In addition to capital, GE Energy Financial
Services offers the best of GE's technical know-how,
technology innovation, financial strength, and rigorous
risk management. Based in Stamford, Connecticut, the GE
business unit helps its customers and GE grow through new
investments, strong partnerships, and optimization of its
approximately $20 billion in assets. For more information,
visit http://www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) works on things that matter. The best people
and the best technologies taking on the toughest
challenges. Finding solutions in energy, health and home,
transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works.www.ge.com.
GE Energy Financial Services
+1 203 961 2934
+1 203 339 1434(mobile)
christa.bowers@ge.com
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| This press release was issued by GE - General Electric Company and was initially posted at http://www.genewscenter.com/Press-Releases/GE-Partners-With-Enel-Green-Power-To-Power-Up-One-Of-Okla homa-s-Largest-Wind-Projects-376a.aspx . It was distributed, unedited and unaltered, by noodls on 2012-04-02 17:03:49 PM. The issuer is solely responsible for the accuracy of the information contained therein. |
