GE Energy Financial Services and Bankers Commercial Corp. bought the 150 MW Alta Wind I wind farm in Tehachapi, in Kern County, California for an undisclosed sum. The two are leasing the plant back to its developer, operator and manager, Terra-Gen Power LLC.
The wind farm uses 100 GE 1.5 MW SLE turbines and was completed in the fourth quarter of 2010. GE Energy Financial Services and Bankers Commercial Corporation each own 50 percent of the wind farm. Funds from the sale will be used to pay off construction loans Terra-Gen entered into for the project last March.
The Alta Wind I farm is the first phase of the Alta Wind Energy Center, a planned 3,000 MW project. The first 1,550 MW is contracted to Southern California Edison.
Alta Wind I is one of the first projects to connect with Southern California Edison’s Tehachapi Renewable Transmission Project, a major transmission project in California to be constructed specifically for accessing a renewable-rich resource area. When completed, the Tehachapi Renewable Transmission Project will consist of more than 250 miles of new and upgraded high-voltage transmission infrastructure.
The project is eligible for a US Treasury grant created under the American Recovery and Reinvestment Act. It allows renewable energy project owners to access a cash grant in lieu of tax credits.
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