American conglomerate GE has collaborated with renewable energy company Enel Green Power to provide capital and technology aid for its 250MW Buffalo Dunes wind project in Kansas, US.
As part of partnership, GE has acquired 51% stake in the project through its subsidiary GE Energy Financial Services with an investment of $40m.
In addition, the company will supply 135 wind turbines for the project alongside providing operations and maintenance after completion.
Enel Green, meanwhile, will retain remaining 49% stake, with an option to raise its ownership to 75% if elected during certain periods in 2013 and 2014, besides serving as project manager.
GE Energy Financial Services power and renewable energy managing director Kevin Walsh said that the project reflects the usage of strong American wind to provide low-cost and clean energy to eastern US.
"It also showcases GE’s ability to provide both world-class technology and flexible financing structures, and advances our long-term partnership with renewable energy leader Enel Green Power," added Walsh.
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By GlobalDataThe deal is on lines with its previous investments in 235MW Chisholm View wind project in Oklahoma, and in the 200MW Prairie Rose wind project in Minnesota.
The construction of the project, to be undertaken by RES Americas, is expected by the end of December 2013, to meet the energy requirements of 65,000 homes. It will also reduce 800,000 tons of greenhouse gas emissions per year.
Alabama Power Company will procure most of the electricity produced from the project as per a 20-year agreement it secured, the company stated.
