Big Springs, TX, June 26, 2006 — Airtricity Inc., a renewable energy company, announced that it has agreed on $120 million in project equity investment with GE Energy Financial Services, Fortis Capital and Wells Fargo for a 125-megawatt wind farm under construction in West Texas.
Construction of the Forest Creek Wind Farm began in April and is scheduled for completion by the end of 2006 on a site 25 miles southeast of Big Spring in a remote area of vast ranchland primarily used for grazing livestock. Forest Creek will employ 54 2.3-megawatt Siemens MKII turbines. The farm annually will produce power sufficient for 35,000 homes and will save approximately 225,000 tons a year in greenhouse gas emissions, compared to equivalent fossil fuel generation. The project will help Texas meet its renewable energy requirement to produce 5 percent (5,880 megawatts) of its power from renewable sources by 2015.
Last year, Dublin, Ireland-based Airtricity announced plans to spend $1.5 billion in the U.S. market, and this project is the first fully to be developed under that strategy.
Airtricity’s financial advisor for the equity investment was Babcock and Brown. The equity investment is subject to certain conditions, including the completion of construction. No further financial details of the equity investment were disclosed.
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