GE unit, JP Morgan acquire stake in large Texas wind farm
General Electric’s Energy Financial Services unit and JP Morgan will jointly invest $225m in a partnership that owns the 662.5MW Capricorn Ridge wind farm in West Texas.
A subsidiary of NextEra Energy Resources remains the majority owner and operator of the project. Additional financial details of the transaction were not disclosed.
The Capricorn Ridge wind farm has been in operation since 2007 and employs 342 GE 1.5MW turbines and 65 Siemens’ 2.3MW turbines.
The wind farm is capable of generating enough electricity to power more than 220,000 homes while avoiding more than 952,000 metric tons of greenhouse gas emissions per year – equivalent to taking approximately 186,000 cars off the road.
“This investment demonstrates our ability to provide both the capital and equipment for critical energy infrastructure projects in support of GE’s broader ecomagination strategy,” says Kevin Walsh, managing director and leader of power and renewable energy at GE Energy Financial Services.
Including Capricorn Ridge, GE Energy Financial Services has invested in 2,143MW of wind farms in Texas – approximately 20% of installed wind capacity in the state.
This transaction represents the GE unit’s second major investment with NextEra Energy Resources and expands GE’s broader relationship with parent NextEra Energy , which has been a GE customer for the past several decades.