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STAMFORD, Conn. & HOUSTON, Feb. 15, 2007 -- GE Energy Financial Services, a unit of General Electric, has committed to invest in a 410-MW wind farm portfolio, among its single largest wind investments.
GE Energy Financial Services has committed to invest approximately $270 million for 70 percent of the Class A equity, with a subsidiary of Wachovia Corp., providing the balance, in six wind farms in California, Illinois, New Mexico and Pennsylvania, until now wholly owned by affiliates of global investment and advisory firm Babcock & Brown. Affiliates of Babcock & Brown will be the manager and will remain as Class B equity co-investors in the portfolio.
The wind portfolio consists of:
-- Aragonne Mesa (90 megawatts) in Guadalupe County, New Mexico.
-- Allegheny Ridge I and II, (80 and 70 megawatts respectively), in Pennsylvania's Cambria and Blair counties.
--GSG (80 megawatts), in Illinois' Lee and LaSalle counties.
-- Mendota Hills (52 megawatts), in Lee County, Illinois.
-- Buena Vista (38 megawatts), in the Altamont Pass area of Northern California.
All the wind farms have either been completed or will be completed by the end of April, except Allegheny Ridge II, which expected to be finished by December.
The six wind farms combined will annually produce electrical energy estimated to be sufficient to power 100,000 homes, and to reduce greenhouse gas emissions by more than nearly 700,000 tons of carbon dioxide per year, compared with equivalent fossil fuel generation.
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