Hunter, Okla., April 2, 2012 — GE unit GE Energy Financial Services has partnered with Enel Green Power North America, Inc. by committing common equity for a 51 percent ownership stake in one of Oklahoma's largest wind projects.
The Chisholm View wind project is now under construction near Hunter, 85 miles north of Oklahoma City in Grant and Garfield counties, and is expected to cost about $375 million.
Enel Green Power North America owns the remaining 49 percent 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.
The project will be completed later this year prior to the Federal Production Tax Credit deadline. It will use 140 of GE's 1.6-MW wind turbines and supply power to Alabama Power Co., a Southern Co. unit, 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.
The project is expected to generate enough power to avoid more than 565,000 metric tons of greenhouse gas emissions per year — equivalent to taking about 110,000 cars off the road — according to US Environmental Protection Agency methodology.
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.
This transaction expands the GE unit's global wind portfolio which comprises equity and debt financings for projects spanning 17 US states and four other countries totaling 9.6 GW in operation or under construction.