Subsidiaries of E.ON SE and General Electric (NYSE: GE) are forming an investment partnership to own and operate Grandview Phase I, a 211-MW wind farm under construction in the Texas Panhandle.
GE Energy Financial Services provided 50% of the partnership equity in the project, with the balance provided by E.ON’s subsidiary E.ON Climate and Renewables North America LLC (EC&RNA), the companies noted in a July 8 statement. Financial details were not disclosed.
Located 26 miles east of Amarillo in Carson County, Grandview I will use 118 GE 1.7-100 wind turbines, which GE will service under a five-year agreement. EC&RNA is managing construction of the wind farm, expected to begin commercial operations in December. Once complete, EC&RNA will provide operations and maintenance.
The wind farm will feed power into the new Competitive Renewable Energy Zones infrastructure in Texas, utilizing the lines built to add renewable capacity in Texas.
“Working with such strong partners like GE on the front end is a new effort for E. ON and one that will pay dividends as we bring our 19th wind farm in the United States online,” said Patrick Woodson, CEO of EC&R North America. “This is our most energetic project ever built and we are excited to harvest the extraordinary wind resource in this area.”
David Nason, president and CEO of GE Energy Financial Services, said: “Combining investment and technology for the Grandview wind project builds on our long-term relationship with EC&RNA and supports the growth of this important customer and GE.”
E.ON is one of the world’s largest investor-owned power and gas companies. E.ON Climate & Renewables (EC&R), headquartered in Essen, Germany, is responsible for E.ON’s large-scale renewable energy activities. EC&R plays a leading role in the development of the renewable industry worldwide and is already active in onshore and offshore wind, and photovoltaic solar power. E.ON currently operates over 10 GW of renewable capacity including large hydro.
GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. Based in Stamford, Conn., GE Energy Financial Services holds approximately $16bn in assets.