GE buys share of 150MW California project

UNITED STATES: GE Energy Financial Services and Bankers Commercial Corp. have bought a 150MW wind project in California and are leasing it back to its developer, operator and manager Terra-Gen Power.

by Ros Davidson 12 January 2011

GE and Bankers have each acquired 50% of the Alta Wind I wind farm in Tehachapi, California

GE and Bankers, a unit of UnionBanCal Corp, each acquired 50% of the Alta Wind I wind farm in Tehachapi.

The project consists of 100 GE 1.5-MW SLE turbines. It was completed in the fourth quarter of 2010.

Funds from the sale will be used to pay off construction loans that Terra-Gen entered into in March 2010. Financial details were not disclosed.

The wind project is the first phase of the Alta Wind Energy Centre, a proposed 3GW project, set to be the largest wind in the western world.

The utility Southern California Edison (SCE) has contracted to buy the electricity from the first 1.5GW of the centre, including this first phase.

Alta Wind I is the first project to connect with SCE’s Tehachapi Renewable Transmission Project, the first major transmission project in California built specifically for accessing renewable energy.

The transmission line is enabling the development of as much as 45GW of wind capacity in the Tehachapi Pass wind resource area that will be connected with the major load centres of the Los Angeles area.