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GE Investing In Texas Wind Farms

Company is investing $180 million in a 241 megawatt farm in Sweetwater and a 209 megawatt farm in Roscoe.

SWEETWATER, Texas- GE Energy Financial Services on Thursday announced it is investing in the 241 megawatt Sweetwater 4 facility and a sister project in Texas.

The company is investing $180 million for 50 percent of the structured equity in two adjacent wind farms. Prior to this closing, the project was solely owned by investment and advisory firm Babcock & Brown and renewable energy company Catamount Energy. Babcock & Brown will continue to manage and operate the wind farm. Both Babcock & Brown and Catamount will remain equity investors and co-managing members.

The Sweetwater 4 farm is currently under construction. Its output will be sold to San Antonio’s CPS Energy under a 20-year purchase agreement.

GE Energy Financial Services, with a subsidiary of Wachovia Corp, is also investing in the 209 megawatt wind farm project of Airtricity, Inc in Roscoe, Texas. The $300 million Roscoe Wind Farm is currently under construction.

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