Roscoe, TX, & Stamford, CT, Sept. 25, 2007 — GE Energy Financial Services, a unit of General Electric (GE), is helping renewable energy company Airtricity, Inc. grow in the US wind energy market and boosting its own portfolio by investing in a 126.5-megawatt wind farm under construction in West Texas.
GE Energy Financial Services is investing alongside Airtricity — the project developer and operator — in the $231 million Champion Wind Farm in Roscoe in Mitchell and Nolan counties, 40 miles southwest of Abilene in a cotton farming area. It is GE Energy Financial Services’ third wind farm investment with Airtricity and Airtricity’s first project in North America not governed by a traditional long-term power purchase agreement. Additional financial details were not disclosed.
Construction of the Champion wind project began in May and is scheduled for completion by May 2008. It will employ 55 2.3-megawatt Siemens turbines, with power sold into ERCOT’s West Texas electricity grid backed by a five-year minimum priced contract with Coral Energy Holding, LP, a wholly owned subsidiary of Royal Dutch Shell plc.
Champion will annually produce power sufficient for 35,000 homes and will avoid 225,000 tons a year in greenhouse gas emissions, compared to equivalent fossil fuel generation.
Airtricity and GE Energy Financial Services are also collaborating on the Forest Creek Wind Farm, a 125-megawatt facility 25 miles southeast of Big Spring, and the Roscoe Wind Farm, a 209-megawatt wind farm five miles north of Champion.
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