
Invenergy Secures Equity Financing from GE for
Gratiot County Wind Project in Michigan
BRECKENRIDGE, Mich. – (October 5, 2011) – Invenergy Wind LLC
(“Invenergy”) announced today it has arranged
equity financing for its Gratiot County Wind Project (“Gratiot County
Wind”) in Michigan from GE
Energy Financial Services, a unit of GE (NYSE: GE). GE Energy Financial Services will invest an
undisclosed amount in the 110.4 megawatt project under construction near
Breckenridge, Michigan.
“This investment deepens our relationship
with Invenergy, marking our fourth investment in its wind projects over the
past four years,” said Tim Howell, a managing director and the commercial leader
of Power and Renewable Energy at GE Energy Financial Services. “It also
supports ecomagination, GE’s business
strategy to create value for customers by solving energy, efficiency and water
challenges.”
”We welcome GE Energy Financial Services as
an investor in our Gratiot County Wind project,” said Jim Murphy, Chief
Financial Officer and Chief Operating Officer of Invenergy. “This financing, together with our bank loan
facilities that were recently completed, provide Invenergy with a strong
investor base for our Gratiot County Wind project.”
Scheduled for completion in the first quarter
of 2012, the 110.4 MW project will sell all of its power and renewable energy
attributes to DTE Energy under a long-term contract. Invenergy is constructing an additional 102.4
MW that will be transferred to DTE Energy upon completion. The combined projects will consist of 133 1.6-megawatt
GE Energy wind turbines, featuring 82.5-meter diameter rotors with 100 meter
towers.
Together, with a 212.8 MW capacity, Michigan’s
largest wind generation facility will produce enough clean, renewable energy to
power approximately 50,000 homes. Gratiot
County Wind will help DTE Energy meet Michigan’s Renewable Portfolio Standard,
which mandates that 10 percent of the state’s energy come from renewable
sources by 2015.
Located on about 30,000 acres of rural
farmland, Gratiot County Wind is employing approximately 200 skilled
construction workers. Upon completion, 14 full-time employees will operate and
maintain the Invenergy and DTE Energy projects.
The wind facilities will further benefit the host community economically
through annual lease payments to landowners. In addition, property tax payments to Gratiot
County and local municipalities can be used for schools, fire and police
protection, and road improvements.
About
Invenergy
Invenergy and its affiliated companies
develop, own and operate large-scale renewable and other clean energy
generation facilities in North America and Europe. Invenergy is committed to clean
power alternatives and continued innovation in electricity generation.
Invenergy's home office is located in Chicago and it has regional development
offices throughout the United States and in Canada and Europe.
Invenergy and its affiliated companies
currently have over 6,600 MW of wind, solar, and thermal projects under
contract, in construction, or in operation. For more information, please visit www.invenergyllc.com.
About GE Energy Financial Services
GE
Energy Financial Services’ experts invest globally across the capital spectrum
in essential, long-lived, and capital-intensive energy assets that meet the
world’s energy needs. In addition to capital, GE Energy Financial Services
offers the best of GE’s technical know-how, technology innovation, financial strength,
and rigorous risk management. Based in Stamford, Connecticut, the GE business
unit helps its customers and GE grow through new investments, strong
partnerships, and optimization of its approximately $20 billion in assets. For
more information, visit
http://www.geenergyfinancialservices.com.
About GE
GE (NYSE:
GE) is an advanced technology, services and finance company taking on the
world’s toughest challenges. Dedicated to innovation in energy, health,
transportation and infrastructure, GE operates in more than 100 countries and
employs about 300,000 people worldwide. For more information, visit the
company's Web site at www.ge.com.
# # #
Contact:
Alissa Krinsky Andy
Katell
Invenergy GE Energy
Financial Services
312-582-1554 203-961-5773
Editor’s Note: Photo of wind farm
construction is available at http://invenergyllc.com/news.html