This investment marks the third time that GE is partnering with this large scale wind power developer.
The two projects are looking to supply approximately 250 MW. The Texas project is in McAdoo wind farm and the Illinois one in La Salle County. The McAdoo project will employ 100 GE 1.5 MW wind turbines with the Grand Ridge one in Illinois using 66 of the same model. The projects are both scheduled to come on line in Q3 of 2008. This is partly to take advantage of tax credits.
“To sustain growth in wind energy investment, it is crucial that the federal government renew the Production Tax Credit, scheduled to expire in December,” said Tim Howell, Managing Director and origination leader of renewable energy at GE Energy Financial Services. “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.”
The synergies for GE are large and this will be the 72nd wind farm project for GE Energy Financial Services. These projects generate about 4,000 MW worldwide and it is expected that GE will invest $6 billion USD by 2010. This is the third project this year for GE and Invenergy, the first being in Wisconsin for 129 MW and a second in Texas for 120 MW.
Invenergy is also a key customer of GE Energy buying a great deal of turbines and closing a $1 billion supply deal for turbines earlier for this year.
For additional information:
www.invenergyllc.com
http://www.invenergyllc.com/pdf/texas_il_031708.pdf
http://www.geenergyfinancialservices.com/
