Jul 1 2010
GE Energy Financial Services, a GE business unit, has announced that it has completed an equity investment in the largest wind power project in Idaho named Idaho Wind Partners project. Thus, the company is continuously maintaining its momentum in renewable energy investment. A minority interest in this project will be owned by the Exergy Development Group.
This announcement by GE Energy Financial Services was made in New York City at the Renewable Energy Finance Forum of the American Council on Renewable Energy.
Reunion Power, an operator and manager, will also own a minority stake in this project. Under 20-year agreements, the wind energy produced by the wind farms developed under the project will be sold to Idaho Power Company. The wind energy project, once completed, is anticipated to be eligible for the Federal Treasury Grant program that has been designed for stimulating renewable energy projects.
Earlier this month, the project construction had been initiated by the construction firm Fagen Inc., which is expecting the completion of the wind farms situated near Burley and Hagerman by the end of 2010. Utilizing 122 units of GE’s 1.5-MW turbines, the wind farms will be able to generate 183 MW of power. According to the methodology of the US Environment Protection Agency, this will be the equivalent of powering about 39,700 Idaho homes and will also avoid greenhouse gas emissions of about 331,000 tons annually.
Source: http://www.geenergyfinancialservices.com/