General Electric Co. (GE:US), the largest maker of power-generating equipment, bought 51 percent of a wind farm in southern Minnesota from Enel SpA. (ENEL)
GE paid about $156 million for the stake in the 200- megawatt Prairie Rose wind project, its Stamford, Connecticut- based Energy Financial Services unit said today in a statement. Enel’s Green Power North America unit committed $149 million for a 49 percent stake and will manage the project.
The wind farm will use 119 of GE’s 1.68 megawatt wind turbines and is expected to be completed this year, according to the statement.
Prairie Rose will deliver power to Xcel Energy Inc. (XEL:US)’s Northern States Power Co. under a 20-year contract.
A group of banks led by JPMorgan Chase & Co. (JPM:US) have agreed to provide $190 million in tax-equity financing for a stake in the wind farm once it’s complete, according to the statement.
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