GE Energy Financial Services, a unit of General Electric Co. is investing in a 120-megawatt wind farm in Texas with Invenergy Wind LLC, a global wind power developer, the company announced late last week.
The Stanton Wind Energy project, located midway between Fort Worth and El Paso, will employ 80 GE 1.5-megawatt wind turbines. Started in the summer of 2007, construction is scheduled for completion by April 2008, when it will annually produce power sufficient for 37,000 homes and avoid 285,000 tons a year in greenhouse gas emissions.
This investment will boost GE Energy Financial Services' equity in 51 wind farms worldwide, with a capacity to produce more than 2,550 megawatts of electricity. GE plans to double its more than $2 billion of renewable energy investments by 2010.
"Stanton Wind brings the number of wind farms in which GE Energy Financial Services has invested in Texas to five, representing 770 megawatts," said Kevin Walsh, managing director and leader of renewable energy at GE Energy Financial Services.
Texas has the largest installed wind power base in the U.S, and this investment will help the state meet its requirement to produce 5,880 megawatts of its power from renewable sources by 2015.