United States

United States

GE invests $65m in CPV Oklahoma wind farm

US: GE Energy Financial Services is investing $65million in the development of CPV Renewable Energy's Keenan II wind farm in Oklahoma.

The wind farm will be outside Woodward City in northern Oklahoma
The wind farm will be outside Woodward City in northern Oklahoma

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.

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