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FREIBERG, Germany, September 21, 2005 (Refocus
Weekly)
The Energy Financial Services unit of GE will
acquire the 55 MW Alsleben windfarm in Germany from EAB Technology
Group.
The agreement is GE’s third investment in wind power generation
in Germany, and it provided the equity and will secure long-term
senior debt financing from local banks for the deal. Financial terms
were not disclosed.
The Alsleben windfarm between Magdeburg and Halle, is one of
Germany's largest windfarms with 37 of GE's 1.5 MW turbines.
Construction has started and the facility is scheduled to enter
commercial service by next April, selling its output to the regional
grid and displacing the annual emission of 100,000 tons in carbon
compared with equivalent generation from fossil fuels.
“The Alsleben acquisition is an excellent fit with our strategy of
investing in high-quality energy assets with experienced
counterparties in one of our core focus areas, renewable energy,”
says Andrew Marsden of Energy Financial Services.
GE's two earlier wind acquisitions in Germany involved four
windfarms purchased from Denker & Wulf, and one from REpower in
July. The Alsleben transaction brings GE's total wind capacity in
Germany to 154 MW.
“The sale of this developed windfarm to GE's Energy Financial
Services unit affirms EAB's position as one of Germany's leading
wind project developers,” says Rainer Sack of the EAB Technology
Group, which will continue as technical advisor. EAB is also
involved in large solar PV and biomass plants, and has constructed
180 windfarms in Germany.
GE says it has installed 3,200 of its 1.5 MW turbines, representing
total capacity of 4.8 GW around the world.
GE's Energy Financial Services unit invests US$3 billion a year,
with projects in solar, biomass, hydro, wind and geothermal power,
and its portfolio of renewable energy assets is approaching $500
million. GE Energy is one of the world's largest suppliers of power
generation technology, with annual revenues of $17 billion. It has
wind turbine manufacturing and assembly facilities in Germany, Spain
and the U.S., and has developed or installed 7,500 turbines with
total capacity of 6,200 MW.
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