Under the terms of the deal, GE Capital subsidiary EFS Chisholm will invest $191m for a 51% stake in the project and EGP North America will pay $184m for the remainder.

EGP has the option to increase its stake by an additional 26% on specific dates in 2012 and 2013, the company says.

The project will use GE 1.6MW turbines and has a long-term power-purchase agreement in place with Alabama Power Company, a subsidiary of Atlanta-based Southern Company.

The