GE, Union BanCal buy first stage of major California wind farm

GE Energy Financial Services and a unit of Union BanCal Corp. say they each have purchased 50% of the 150MW Alta Wind I farm in California, and are leasing it back to developer, operator and manager, Terra-Gen Power.

Financial terms were not released. The wind farm, using 100 GE 1.5MW turbines, was completed in fourth quarter 2010.

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 3GW project. The first 1.55GW of the project, 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 wind…

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