(Reuters) - General Electric’s Energy Financial Services has bought a 51 percent stake in a $375 million Oklahoma wind farm being built by Italy’s Enel Green Power EGPW.MI, the companies said on Monday.
The Chisholm View project, which will have a capacity of 235 megawatts, will be completed in 2012, allowing it to qualify for a federal subsidy that will expire at the end of the year.
Electricity from the project, which will use GE’s 1.6-MW turbines, will be sold to Southern Co’s (SO.N) utility Alabama Power Co under a 20-year contract.
GE’s Energy Finance Services previously invested in wind projects in Kansas and Texas built by Enel Green Power, which is a unit of Italy’s Enel Group (ENEI.MI).
Reporting By Matt Daily; Editing by Maureen Bavdek