NEW YORK, June 26 General Electric Co.'s (GE.N)
GE Energy Financial Services unit will invest in three Noble
Environmental Power wind parks that will generate 282 megawatts
of power in Upstate New York.
This was the GE unit's first investment in wind energy in
New York, it said in a release.
The projects represent a $564 million investment in
renewable energy that will bring an estimated $352 million in
new revenue to the regional economies over the next 20 years,
GE Energy Financial Services said it would invest the Class
A equity as the non-managing member, and Noble would invest the
Class B equity as the managing member of the wind parks. The
companies did not disclose the financial details of the
transaction, which is subject to federal and state regulatory
Noble expects the wind parks to start commercial operation
during the fourth quarter.
The 100.5 MW Noble Clinton Wind Park, employing 67 GE
1.5-MW SLE wind turbines, is three miles south of the Canadian
border in the town of Clinton in Clinton County.
The 81 MW Noble Ellenburg Wind Park, using 54 GE 1.5-MW SLE
turbines, is in Ellenburg in Clinton County.
The 100.5 MW Noble Bliss Wind Park, which uses 67 GE 1.5-MW
SLE turbines, is 30 miles southeast of Buffalo in Eagle in
The New York State Energy Research and Development
Authority will buy 95 percent of the Renewable Energy
Certificates generated by the three projects under 10-year
contracts. NYSERDA, a state agency, purchases the certificates
to meet New York's Renewable Portfolio Standard, which requires
that 25 percent of the state's power come from renewable
sources by 2013.
The three wind parks, which will increase the state's wind
energy capacity to 671 MW, will produce enough electricity for
more than 93,000 average U.S. homes and will avoid nearly
590,000 tons per year in greenhouse gas emissions from fossil
Noble, of Essex, Connecticut, is a renewable energy company
majority owned by JP Morgan Partners, a private equity arm of
JPMorgan Chase & Co (JPM.N) managed by CCMP Capital. Noble
hired Goldman Sachs in May to explore strategic alternatives
for the company.
With more than $14 billion in assets, GE Energy Financial
Services, of Stamford, Connecticut, invests more than $5
billion annually in the energy and water industries.