GE Energy Financial Services has made an equity investment in a wind power project in Idaho. The almost half billion dollar portfolio of 11 wind farms under construction was developed by Exergy Development Group.
The GE unit will own a majority equity interest in the Idaho Wind Partners project. Exergy will own a minority interest along with manager and operator Reunion Power.
The wind farms will sell all of their power to Idaho Power under 20-year agreements. Once completed, the portfolio is expected to qualify for the Federal Treasury Grant program designed to stimulate renewable energy projects.
Kevin Walsh, managing director and head of power and renewable energy at GE Energy Financial Services, said: “Through our investment in Idaho’s largest wind power portfolio, GE Energy Financial Services is putting millions of dollars to work to bring jobs and clean energy to Idaho and help the country meet growing demand for domestic, renewable sources of energy.”
Construction company Fagen initiated project construction earlier this month and expects to complete the wind farms located on farmland clustered near Hagerman and Burley by the year’s end.
Using 122 of GE’s 1.5MW turbines, these wind farms will have the capacity to generate 183MW, enough to power approximately 39,700 average Idaho homes. In addition to supplying the wind turbines, GE will provide seven years of operational and maintenance services to the project.