General Electric Announces Major Wind-Power Investments
With a planned investment of $270 million in domestic wind farms and a new deal with French wind-power company Theolia, the GE's energy division makes a big move into alternative energy.
GE Energy Financial Services, the energy-investment unit of General Electric, announced two major deals in the wind-power industry this week, including major investments in the United States and Europe.
The company announced that it will invest $270 million to fund 410 megawatts of wind energy in the U.S., and struck a deal with French wind power company Theolia to swap GE's German wind-power facilities for 5.2 million shares of Theolia stock.
GE will invest in six wind farms in California, Illinois, New Mexico and Pennsylvania, including these production facilities:
Five of the six wind farms will be fully operational by the end of April, with Allegheny Ridge II going into operations by December 2007. Combined, the 410 megawatts of wind energy produced by these farms will be sufficient to provide power to 100,000 homes.
In Europe, GE will trade its four wind facilities in Germany, which can generate 165 megawatts of wind energy, to Theolia, the French wind developer. In exchange for the facilities, GE will acquire 5,250,000 shares of Theolia, and GE also agreed to purchase an additional 1.2 million shares of the company for 20 million Euro.
The four GE facilities in Germany have a combined generation capacity of 165 megawatts, or enough to power about 70,000 homes. The deal greatly increases Theolia's wind-power capacity from 78 megawatts to 243 megawatts.
The company announced that it will invest $270 million to fund 410 megawatts of wind energy in the U.S., and struck a deal with French wind power company Theolia to swap GE's German wind-power facilities for 5.2 million shares of Theolia stock.
GE will invest in six wind farms in California, Illinois, New Mexico and Pennsylvania, including these production facilities:
- Aragonne Mesa (90 megawatts) in Guadalupe County, New Mexico. Built with Mitsubishi 1000A turbines, it sells electricity to Arizona Public Services.
- Allegheny Ridge I and II, (80 and 70 megawatts respectively), in Pennsylvania's Cambria and Blair counties. FirstEnergy Solutions, a subsidiary of FirstEnergy Corp., has contracted to purchase the output of the two wind farms, which use Gamesa G87 turbines.
- GSG (80 megawatts), in Illinois' Lee and LaSalle counties. Using Gamesa G87 turbines, the output will be sold at market prices.
- Mendota Hills (52 megawatts), in Lee County, Illinois. The wind farm uses Gamesa G52 turbines and will sell output at market prices.
- Buena Vista (38 megawatts), in the Altamont Pass area of Northern California. The output is contracted to PG&E Corporation and uses Mitsubishi 1000A turbines.
Five of the six wind farms will be fully operational by the end of April, with Allegheny Ridge II going into operations by December 2007. Combined, the 410 megawatts of wind energy produced by these farms will be sufficient to provide power to 100,000 homes.
In Europe, GE will trade its four wind facilities in Germany, which can generate 165 megawatts of wind energy, to Theolia, the French wind developer. In exchange for the facilities, GE will acquire 5,250,000 shares of Theolia, and GE also agreed to purchase an additional 1.2 million shares of the company for 20 million Euro.
The four GE facilities in Germany have a combined generation capacity of 165 megawatts, or enough to power about 70,000 homes. The deal greatly increases Theolia's wind-power capacity from 78 megawatts to 243 megawatts.
