By Paul Glader
Want another sign the permafrost on wind investments is thawing? GE Energy Financial Services is back.
GE Energy Financial Services, a unit of GE, said Wednesday it would invest in a $117 million expansion of an Oklahoma wind farm called Blue Canyon V. The developer is Horizon Wind Energy LLC, a division of EDP Renewables. The project is a 99 megawatt expansion of an existing 225 megawatt wind farm in southwest Oklahoma.
Horizon is using GE’s 1.5 megawatt wind turbines and will sell the power to the Public Service Company of Oklahoma under a 20-year contract. GE is also pouring $111 million to join a previously closed deal on three wind farms called Vento III in Oregon, Kansas and Iowa that will generate a total of 604 megawatts.
GE – once an extremely active wind financier that went quiet following the financial implosion last year – promises more is coming. A lot more. “We have several [deals] in the works,” said Andy Katell, a spokesman for GE’s Energy Financial Services business, “including some huge ones.”
Mr. Katell said GE’s EFS business has invested nearly $4 billion in renewable energy since its inception, with 80% of that going to the wind industry. It plans to invest another $2 billion by the end of 2010 in wind, biomass, hydroelectric and geothermal power generation projects.
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