PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: General Electric Company

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

GE Unit, Unionbancal Unit, Buy California Wind Farm First Phase of One of Largest US Wind Energy Projects Starting Operations - GE Energy Financial Services, a unit of GE (NYSE: GE), and Bankers Commercial Corporation, a unit of UnionBanCal Corporation, announced that they have purchased the first wind farm to start operations in one of the largest wind energy projects in the US
GE Unit, Unionbancal Unit, Buy California Wind Farm First Phase of One of Largest US Wind Energy Projects Starting Operations

 

NewswireToday - /newswire/ - Tehachapi, CA, United States, 2011/01/10 - GE Energy Financial Services, a unit of GE (NYSE: GE), and Bankers Commercial Corporation, a unit of UnionBanCal Corporation, announced that they have purchased the first wind farm to start operations in one of the largest wind energy projects in the US. NYSE: GE

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

GE Energy Financial Services and Bankers Commercial Corporation acquired the 150-megawatt Alta Wind I wind farm in Tehachapi, in Kern County, California, and are leasing it back to its developer, operator and manager, Terra-Gen Power, LLC. The wind farm, using 100 GE 1.5-megawatt SLE turbines, was completed in the fourth quarter of last year. GE Energy Financial Services -- a major global investor in multiple energy generation and distribution projects and companies – 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. Financial details were not disclosed.

The Alta Wind I farm is the first phase of the Alta Wind Energy Center, a planned 3,000-megawatt project. The first 1,550 megawatts of the center, including this phase, is contracted to Southern California Edison. When complete, the center will be able to provide electricity for 1.3 million California homes. Terra-Gen estimates the center will create more than 3,000 domestic manufacturing, construction, operations and maintenance jobs, and will contribute more than $1.2 billion to Kern County’s economy. According to Terra-Gen, the center is expected to cut carbon dioxide emissions by more than 52 million metric tons over the next decade, equivalent to taking 890,000 cars off the road. The wind farms will help California meet its goal of ensuring that by 2020, 33 percent of the power it consumes comes from renewable sources. Alta Wind I is the first project to connect with Southern California Edison’s Tehachapi Renewable Transmission Project, the first 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.

“This transaction, our first using a lease for a wind farm, demonstrates our ability to tailor structures to meet our customers’ needs, in this case enabling Terra-Gen to free up cash while enabling it to continue to operate and manage the project,” said Kevin Walsh, a managing director and leader of power and renewable energy at GE Energy Financial Services. “In addition, it builds on our recently achieved target of accumulating $6 billion in renewable energy investments by the end of last year, and it reinforces our commitment to ecomagination, GE’s program to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products.”

Lance Markowitz, President of Bankers Commercial Corporation, said: “We look forward to the long-term success of Alta Wind 1, one of the premier wind projects in the United States. The quality of Alta 1 and the expertise required to develop the greater Alta Wind Center are a credit to the Terra-Gen team. This investment demonstrates how we apply our structuring expertise and industry knowledge to attractive financing solutions for the renewable energy market. We now have committed investments in projects aggregating more than 2,000 megawatts.”

John O'Connor, Chief Financial Officer of Terra-Gen, said: “The 150-megawatt Alta Wind I project represents the important first phase of the Alta Wind Energy Center, which when complete is expected to comprise approximately 3,000 megawatts. This transaction will allow Terra-Gen to free up capital and maintain operating control of Alta I.”

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.

About GE Energy Financial Services
GE Energy Financial Services’ experts invest globally with a long-term view, backed by the best of GE’s technical know-how, financial strength and rigorous risk management, across the capital spectrum, in one of the world’s most capital-intensive industries, energy. GE Energy Financial Services (geenergyfinancialservices.com) helps its customers and GE grow through new investments, strong partnerships and optimization of its $21 billion in assets. GE Energy Financial Services is based in Stamford, Connecticut.

About GE
GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide.

About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation (unionbank.com) is a financial holding company with assets of $79.8 billion at September 30, 2010. Its primary subsidiary, Union Bank, N.A., is a full service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 397 banking offices in California, Washington, Oregon and Texas, as well as two international offices, on September 30, 2010. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations.

About Terra-Gen Power
Terra-Gen Power (terra-genpower.com) is a leading renewable energy company headquartered in New York City with offices in San Diego, Denver, and Reno. Its operating company subsidiary Terra-Gen Finance Company owns 831 MW (net) of renewable generating facilities across 21 projects, 19 of which are operated and managed by Terra-Gen. Terra Gen’s development subsidiaries hold over 5,000 MW of wind, geothermal, and solar development projects, including the 3,000 MW Alta Wind Energy Center project in Tehachapi, CA, which is being developed by Terra-Gen’s California Highwind Power subsidiary. Terra-Gen is owned by ArcLight Capital Partners and Global Infrastruture Partners.

Caption for photo accompanying this text: GE Energy Financial Services and Bankers Commercial Corporation have purchased Alta Wind I, shown here in Tehachapi, CA, the first wind farm to start operations in one of the largest wind energy projects in the United States, and leased it to Terra-Gen.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: General Electric Company

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


GE Unit, Unionbancal Unit, Buy California Wind Farm First Phase of One of Largest US Wind Energy Projects Starting Operations

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

GE News Center |
Publisher Contact: Andy Katell - GE Energy Financial Services 
203-961-5773 andrew.katell[.]ge.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From General Electric Company / Company Profile


Read Energy Most Recent Related Newswires:

Vestas Secures 112 MW for Three Projects in France
ENGIE and Statoil Agree on the Renegotiation of Their Long-term Gas Supply Contracts
ENGIE and AES Andres Leverage Core Strengths to Provide Reliable and Competitive LNG Supply in the Caribbean
Power Costs, Inc. (PCI) and GE Power Collaborate to Link Energy Operations with Energy Trading for End-to-End Machine to Market Software Solutions
GE Oil & Gas Signs Agreement with TAG GmbH to Install New Tuning Maintenance (TUMAS) Software on Entire Fleet of Gas Turbines
ENGIE Announces Two New Major Collaborations to Foster New Innovative Green Gas Production Methods Across Europe
Enel Inaugurates Apiacás Hydropower Complex in Brazil
Steam and Gas Turbine Manufacturers Realign Strategies to Harness Growth Opportunities within Clean Power Generation
Enel Starts Construction of Peru’s Largest Solar PV Plant
GE and Maersk Drilling to Pilot Marine Digital Transformation
SolarWinds to Join the Discussion on Interoperable IT Management for Defense Forces at AFCEA’s TechNet Asia-Pacific 2016
BP and GE Launch New Offshore Digital Technology with Plans to Deploy Globally
GE Digital Acquires ServiceMax to Extend Predix and Analytics Across Field Service Processes
GE Digital Launches Collaborative App Development Program to Expand Digital Industrial Ecosystem
Voith Awarded A Prestigious Automation Contract for Two Norwegian Hydropower Plants

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  BizJobs.com

Visit  Triggr & Bloom





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)