GE (NYSE: GE) unit GE Energy Financial Services has bought a 51% stake in an Oklahoma wind farm now owned by Enel Green Power North America, Inc.
The Chisholm View project is one of Oklahoma’s largest wind projects, which is under construction near Hunter, 85 miles north of Oklahoma City. The project is expected to cost $375 million.
Enel Green Power North America owns the remaining 49% of the 235-MW wind farm and serves as project manager. Enel Green Power and GE Energy Financial Services will later raise tax equity for the wind farm.
“Through this deal, we are deepening our partnership with an established wind energy leader, Enel Green Power, and supporting their efforts as a common equity partner, representing an evolution in our US wind investing strategy,” said Kevin Walsh, managing director and leader of power and renewable energy at GE Energy Financial Services.
The project will be completed later this year prior to the federal production tax credit expiration. It will use 140 of GE’s 1.6-MW wind turbines and supply power to Alabama Power, a Southern Co. (NYSE: SO) subsidiary, under a 20-year agreement.
The wind farm’s developer TradeWind Energy, a strategic development partner of Enel Green Power North America, estimated that the Chisholm View wind project will contribute up to $5 million annually to the local economy via property taxes and rent payments to landowners, and create 150 construction and up to 15 permanent jobs.
GE Energy Financial Services has previously invested with Enel Green Power in a 101-MW wind farm in Smoky Hills, Kansas, and a 63-MW wind farm in Scurry County, Texas.