Tuesday, April 07, 2009

GE invests $200M in NY Wind Parks

GE Energy Financial Services, a unit of General Electric Co., announced it provided more than $200 million to Noble Environmental Power, a wind energy developer, in long-term capital financing that includes three windparks in western and northern New York State.
Noble Environmental Power revealed that by replacing the construction financing, a syndicate of banks and financial institutions provided long-term debt including letters of credit of about $440 million for its 330-megawatt wind power projects at Noble Altona, Chateaugay and Wethersfield.
Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy Financial Services said, "Through this investment, GE Energy Financial Services is helping Noble move to the operating phase of this important New York state project and supporting the continued development of the US wind industry, which could provide a tremendous boost for our economy".
GE also indicated working with the federal government to adopt investment rules to further encourage renewable energy investment.

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