GE, JP Morgan to invest $225 million in NextEra Energy wind farm
The Capricorn Ridge wind farm has been in operation since 2007 and employs 342 of GE Energy's 1.5-MW wind turbines, and 65 of Siemens' 2.3-MW wind turbines
San Angelo, Texas, February 27, 2012 — GE Energy Financial Services has joined JP Morgan to jointly invest $225 million in a partnership that owns the 662.5-MW Capricorn Ridge wind farm in West Texas.
A unit of NextEra Energy Resources remains the majority owner and operator of the wind project. Additional financial details of the transaction were not disclosed. NextEra Energy Resources is a unit of NextEra Energy, Inc.
The project is located in Sterling and Coke counties in one of Texas' Competitive Renewable Energy Zones — resource rich, high-wind areas in West Texas and the Texas Panhandle that will increasingly supply renewable energy to major population centers in eastern Texas via new transmission projects.
The Capricorn Ridge project 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 about 186,000 cars off the road — according to Environmental Protection Agency methodology.
Including Capricorn Ridge, GE Energy Financial Services has invested in 2,143 MW of wind farms in Texas – about 20 percent of the 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 NextEra Energy, which has been a GE customer for the past several decades. NextEra Energy Resources has installed over 3,200 of GE's 1.5-1.6-MW wind turbines, or about 5,000 MW, in the U.S. since 2002.