GE Energy Financial Services, a unit of the General Electric Co., said Tuesday it will provide $65 million to fund construction of the 150 megawatt Keenan II wind farm southwest of Woodward. The 8,000 acre wind farm will be developed by CPV Renewable Energy Co., an affiliate of Competitive Power Venture Inc. The project is scheduled to be completed by year's end and the 66 towers which are planned are expected to produce enough energy to power about 45,000 homes.
In addition to the initial funding, GE will provide an option for $100 million more in partnership equity upon commencement of commercial operations. The total cost of the wind farm is projected to be $319 million, and will also be financed with a $212 million loan from The Bank of Tokyo-Mitsubishi and Union Bank.
Mayor Bill Fanning of Woodward shares the story in this video. Click here.
By Christopher Hinton for marketwatch.com
