General Electric Co. announced the GE Energy Financial Services unit bought the majority stakes of the largest wind power project in Idaho.
The 11 wind farms, constructed by Exergy Development group, are worth nearly half-billion dollars. The electricity produced will be sold to the Idaho Power Company throughout a 20-year agreement to provide energy to Idaho residents.
The construction began in early June and is expected to be completed by the end of the year. The wind farm will generate 183 megawatts of power which will be enough to power 39,700 Idaho homes. The farm will also use 122 of GE’s 1.5-megawatt turbines.
General Electric is always expanding its portfolio with renewable energy. Currently wind comprises nearly 80 percent of GE Energy Financial Services’s renewable energy portfolio with equity in over 58 wind farms across the United States.
Renewable energy is a common farm product with the incentive push from the Obama administration.
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