|
GE to invest in $350 million Texas wind farmHOUSTON (AP)--GE Energy Financial Services, the investment arm of General Electric Co., said Jan. 9 it will invest in a $350-million wind-generation project to supply the city of Austin with renewable energy. The parties involved did not disclose a financial breakdown of the deal, which will enhance Texas' position as the nation's leader in wind-generated energy. Project developer Renewable Energy Systems Americas Inc., is set to begin construction of the wind farm this month in Shackelford County about 30 miles northeast of Abilene, GE said. It's scheduled to be completed in December. The farm will have 72 2.3-megawatt wind turbines and is expected to produce enough power annually for 39,000 homes. The project includes a 15-year power purchase agreement with Austin. "We're delighted to have completed our first investment with RES, deepened our profile in Texas and reinforced our commitment to the wind-power and overall renewables sector," said Kevin Walsh, managing director at GE Energy Financial Services, which is based in Stamford, Conn. The company said it has an equity stake in 79 wind farms around the world capable of generating 2,870 megawatts of electricity. Renewable Energy Systems Americas is a subsidiary of privately owned, UK-based Renewable Energy Systems Ltd., also known as RES Group. Texas' wind-power capacity stood at 3,952.95 megawatts at the end of September, with another 1,357.6 megawatts under construction, according to the American Wind Energy Association. Next up was California with 2,376 installed megawatts, the association said. A study done last year for Congress by the National Research Council said wind farms could generate up to 7 percent of the nation's electricity in 15 years--up from less than 1 percent today. GE shares were off 5 cents to $35.35 in trading Jan. 9. They've traded in a 52-week range of $33.90 to $42.15. 2/4/08 Date: 1/25/08
Copyright/Privacy
Copyright 1995-2009. High Plains Publishers, Inc. All rights reserved. Any republishing of these pages, including electronic reproduction of the editorial archives or classified advertising, is strictly prohibited. If you have questions or comments you can reach us at High Plains Journal 1500 E. Wyatt Earp Blvd., P.O. Box 760, Dodge City, KS 67801 or call 1-800-452-7171. Email: webmaster@hpj.com |
Market Snapshot Inside Futures |