The 152MW project is scheduled for completion at the end of 2010 and is estimated to cost $319m. GE also has an option to invest a further $100m once the wind farm is in operation.
Keenan 2 is 12 miles south-west of Woodward, Oklahoma. It will be powered by 66 2.3MW Siemens turbines. Tetra Tech has been handed the $40m contract to handle the project's design and construction.
Speaking about the deal, GE Energy Financial services managing director Kevin Walsh said: Coupling our investments with government incentives such as state renewable portfolio standards, federal grant and loan programmes has proven to be a powerful driver of renewable energy in the US.
It’s exciting to imagine how much more quickly the country would reap these benefits if the US government adopted a strong national renewable energy standard, and extended and streamlined the US Treasury grant and theUS Energy Department loan guarantee renewable energy programs.
Wind comprises nearly 80% of GE Energy’s renewables portfolio, which includes investments in 47 wind farms producing 6GW and loans to 36 wind farms producing 1.3GW.
GE’s injection of capital into Keenan 2 follows its move in November to invest $117million in Blue Canyon 5, another Oklahoma wind farm. The project is owned by Horizon Wind Energy and came online in November.