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Clean Power capricorn ridge wind farm texas ge

Published on February 28th, 2012 | by Zachary Shahan

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GE & JP Morgan Invest $225 Million in 662.5-MW Capricorn Ridge Wind Farm

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February 28th, 2012 by Zachary Shahan 

 
GE Energy Financial Services and JP Morgan announced yesterday that they are jointly investing $225 million into the 662.5-megawatt Capricorn Ridge wind farm in West Texas that is mostly owned and operated by NextEra Energy Resources.

capricorn ridge wind farm texas ge

Here are some more details on the behemoth of a wind farm:

  • in operation since 2007
  • can generate enough electricity for up to 220,000 homes
  • can cut greenhouse gas emissions by 952,000 metric tons per year (equal to taking ~186,000 cars off the road)
  • includes 342 1.5-megawatt GE Energy wind turbines and 65 2.3-megawatt wind turbines from Siemens
  • located in Sterling and Coke counties, in West Texas, in one of Texas’ Competitive Renewable Energy Zones (CREZ)

“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,” said Kevin Walsh, managing director and leader of power and renewable energy at GE Energy Financial Services.

“We were uniquely suited to invest in this project alongside JP Morgan because of our Texas wind market expertise.”

In total, “GE Energy Financial Services has invested in 2,143 megawatts of wind farms in Texas – approximately 20 percent of the installed wind capacity in the state,” the company notes. No small deal.

Of course, as Chris Varrone wrote in an article for CleanTechnica nearly a year ago, “GE wants to sell you everything.” The company is huge and has it’s hands in just about everything, especially in the energy sector. Of course, that doesn’t make its investment in clean energy any less important, but one does wish that it would redirect more of its resources in this direction. This investment just announced yesterday is clearly a decent movement in that direction.

Source: GE | Capricorn Ridge wind turbine via NextEra Energy Resources

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About the Author

spends most of his time here on CleanTechnica as the director/chief editor. Otherwise, he's probably enthusiastically fulfilling his duties as the director/editor of Solar Love, EV Obsession, Planetsave, or Bikocity. Zach is recognized globally as a solar energy, electric car, and wind energy expert. If you would like him to speak at a related conference or event, connect with him via social media. You can connect with Zach on any popular social networking site you like. Links to all of his main social media profiles are on ZacharyShahan.com.


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  • lukealization

    662.5MW is absolutely massive…

    • http://cleantechnica.com/ Zachary Shahan

      I know.

      When I saw that, I had to do a triple-take :D

      Checked & checked & checked.

      We probably actually wrote on it years ago when it went up, but didn’t check for that.

  • David

    What does it meant to “invest” in a wind farm that is already built? I assume the capitol has already been raised for the cost of the farm. I would like to understand the details of this financial transaction. Thanks. David.

    • Bob_Wallace

      Most likely it means that they purchased some of the equity that NextEra Energy Resources held in the project.

      That means that GE and JP see this as a good investment, a project that is up and going, and from which they can earn profits over time.

      For NextEra, it allows them to pull cash out of the project in order to fund future projects. It’s not unusual to have companies that specialize in creating projects and then sell them on to others to own long term.

      Think of it like a company that builds condos. They sell some of the units to individual buyers in order to raise funds for their next build.

      • David

        Thanks Bob – nice clear explanation.

        David.

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