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.