GE Energy Financial Services has made an equity investment in Idaho's largest wind power project. The portfolio of 11 wind farms under construction was developed by Exergy Development Group.
GE Energy Financial Services will own a majority equity interest in the Idaho Wind Partners project. Exergy Development Group will own a minority interest, along with manager and operator Reunion Power.
The wind farms will sell all of its power to Idaho Power Co. under 20-year agreements. Once completed, the portfolio is expected to qualify for the federal Treasury cash-grant program designed to stimulate renewable energy projects. Additional financial details of the transaction were not disclosed
Construction company Fagen Inc. initiated project construction earlier this month and expects to complete the wind farms, located on farmland clustered near Hagerman and Burley, by the end of the year. In addition to supplying the wind turbines, GE will provide seven years of operational and maintenance services to the project.
The project is expected to create approximately 175 construction jobs, as well as permanent employment for operations and ongoing seasonal maintenance requirements.
SOURCE: GE Energy Financial Services