TEHACHAPI, Calif. (AP) -- The energy financial services unit of General Electric and Bankers Commercial Corp. acquired a wind farm that is part of a project to power more than a million California homes with alternative energy, the companies said Monday.
Financial terms of the deal weren't disclosed. Each company has a 50 percent stake in the farm.
The companies are leasing the 150-megawatt Alta Wind I wind farm in Kern County, Calif. back to its operator, Terra-Gen Power LLC. Funds from the sale will be used to pay off construction loans Terra-Gen entered into for the project last March.
The Alta Wind I farm is the first phase of a planned 3,000-megawatt project. When complete, the center will be able to provide electricity for 1.3 million homes.
The wind farm was completed late last year.
General Electric Co. has moved aggressively into wind power, investing heavily at home and abroad. Last month, the company announced that four developers would buy 258 wind turbines through an initiative by the Brazilian government. GE is also invested heavily in China.
Bankers Commercial is a unit of UnionBanCal Corp.