Thursday, February 20 2014
Updated: Thursday, February 20 2014
The unpublicized deal is among the largest for GE over the past year in the booming wind market in Texas, where it has also landed large supply contracts with project owners such as CPV Renewable Energy, EDF Renewable Energy, Invenergy and Starwood Energy.
An executive with knowledge of the deal says it was structured to help allow the asset owners to qualify for the federal production tax credit (PTC) that expired last 31 December.
Most projects that will qualify for the incentive will get built this year and 2015, benefitting from the provision that allows work of a “significant nature,” and 5% of their costs to have been incurred before that date. Thereafter, a project is required to show “continuous construction.”
Plans call for two-phase development of the $650-700m West Texas project located in Haskell County north of Abilene. Phase I will have 118 turbines and Phase II 117 turbines with both entering service by the end of 2015.
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