GE Financial Services and JP Morgan have teamed up to invest $225 million in a wind farm in Texas.
The funds will make the companies part owners of the Capricorn Ridge wind facility. Located in Sterling and Coke counties, the 662.5 MW wind farm has been fully operational since 2008 and represents one of the nation's largest wind energy facilities. The majority of the wind farm's generating capacity is provided by 342 GE wind turbines.
“This investment demonstrates our ability to provide both the capital and equipment for critical energy infrastructure projects in support of GE’s broader ecomagination strategy,” said Kevin Walsh, managing director and leader of power and renewable energy at GE Energy Financial Services, a subsidiary of General Electric.
Capricorn Ridge is operated by NextEra Energy Resources, a division of NextEra Energy Inc., and remains the wind facility's majority owner.
This investment is the second "major" financial partnership between GE Financial Services and NextEra Energy Resources. In September 2011, the companies jointly purchased the 550 MW Desert Sunlight Solar Farm under construction in California from solar developer First Solar. The project is being backed by $1.46 billion Department of Energy Loan Guarantee.
With its new stake in Capricorn Ridge, GE's wind energy portfolio in Texas is now 2,143 MW, which the company says represents 20% of the Lone Star state's total installed capacity.
Image Credit: cjc4454 via Flickr
Joseph Baker is a freelance writer living in Vancouver BC. His areas of focus include renewable energy, sustainability and climate change.
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