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Oil companies back 500 MW plans

York Research Corp of New York has signed an agreement to build at least 500 MW or $600 million of wind plant in Kazakhstan backed by a financial consortium from oil-producing companies in the Middle East, the company announced in late July. York is the publicly-traded parent of York WindPower Corp of Montreal, which will be the exclusive developer the wind projects. The first 50 MW, at Djungar Gates, will consist of Vestas turbines from Denmark and should be completed as soon as 1998 for about $60 million, said York president Robert Beningson. York, which reported revenues of $46.3 million in February, will also manage the projects. Financial backing is from Gulf Syndicate, a consortium of banks, corporations and investors in Kuwait and the United Arab Emirates. Members of the consortium apparently want to diversify in their core business, energy. This could be the first wind project developed by York WindPower.

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