Originally published February 7 2006
General Electric renewable energy portfolio to expand when wind farm goes online
by Mike Adams, the Health Ranger, NaturalNews Editor
General Electric saw the fruits of a major investment late last year when the largest wind farm to be built in Indian land went online, providing about 50 megawatts of power to the San Diego Gas and Electric grid, and simultaneously representing the "significant growth of [General Electric's] already sizeable renewable energy portfolio."
Electricity from the largest wind power farm on Indianland has begun flowing into California's power-hungry grid thanks to apartnership between project sponsor, global investment and advisoryfirm Babcock & Brown (ASX:BNB) and GE Energy Financial Services.Energy Financial Services invested $51 million in the 50-megawattKumeyaay Wind project near San Diego.
Babcock & Brown, which will retain a substantial equityinterest and remain the long-term manager, has six wind facilities inthe United States that will go into service by year's end.
Ecomagination is GE's commitment to expand its portfolio of"cleaner" energy products while reducing its own greenhouse gasemissions.
"For us, this transaction is consistent with our strategy ofworking with investment partners to expand in the rapidly growing windenergy sector, particularly in the United States and also continuesour long and successful relationship with GE in power," said HunterArmistead, Vice President of Babcock & Brown Power Operating Partners.
For the Campo tribe, the wind farm diversifies its income from thelease of the land beneath the turbines.
It will help San Diego Gas & Electric meet its target ofsupplying at least 20 percent of its customers' electricity fromrenewable sources by 2010.
The transaction is the second renewable energy investment in SanDiego County by GE Energy Financial Services this year.
The first, inApril, was an investment in solar roofs covering 14 of the City'spublic schools.
With more than $10 billion in assets, GE EnergyFinancial Services offers structured equity, leveraged leasing,partnerships, project finance and broad-based commercial finance tothe global energy industry from wellhead to wall socket.
Babcock & Brown is a global investment, asset management andadvisory firm with longstanding capabilities in structured finance,financial placements and asset management of cash flow-basedinvestments.
The fund is managed by a subsidiary of globalinvestment and advisory firm Babcock & Brown.
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