GE Energy Financial Services (EFS), a unit of General Electric, has committed to invest in a 410 MW wind farm portfolio, representing one of the company's largest wind investments. EFS will invest approximately $270 million for 70% of the Class A equity in six wind farms in California, Illinois, New Mexico and Pennsylvania. A subsidiary of Wachovia Corp. will provide the balance of the investment.
The wind farms were wholly owned by affiliates of global investment and advisory firm Babcock & Brown. Affiliates of Babcock & Brown will be the managers and remain as Class B equity co-investors in the portfolio.
The wind portfolio consists of the following installations:
– the 90 MW Aragonne Mesa in Guadalupe County, New Mexico (Arizona Public Service is the project's off-taker),
– the 80 MW Allegheny Ridge I and 70 MW Allegheny Ridge II in Pennsylvania's Cambria and Blair counties (FirstEnergy Solutions, a subsidiary of FirstEnergy Corp., has contracted to purchase the output of the two wind farms),
– the 80 MW GSG in Illinois' Lee and LaSalle counties (the output will be sold at market prices),
– the 52 MW Mendota Hills in Lee County, Illinois (the output will be sold at market prices), and
– the 38 MW Buena Vista in the Altamont Pass area of northern California (the output is contracted to PG&E Corp.).
All the wind farms either have been completed or will be completed by the end of April, except Allegheny Ridge II, which is expected to be finished by December.