GE Energy Financial Services has partnered with Enel Green Power North America, Inc. by committing common equity for a 51 percent ownership stake in one of Oklahoma's largest wind projects. The Chisholm View wind project is now under construction near Hunter, 85 miles north of Oklahoma City in Grant and Garfield counties, and is expected to cost approximately $375 million.
Enel Green Power North America owns the remaining 49 percent of the 235-megawatt wind farm and serves as project manager. The project will be completed later this year prior to the Federal Production Tax Credit deadline. It will use 140 of GE's 1.6-megawatt wind turbines and supply power to Alabama Power Company, a Southern Company subsidiary, under a 20-year agreement.
Contribution to local economy
The wind farm's developer TradeWind Energy, a development partner of Enel Green Power North America, estimated that the Chisholm View wind project will contribute up to $5 million annually to the local economy via property taxes and rent payments to landowners, and create 150 construction and up to 15 permanent jobs.
The project is expected to generate enough power to avoid more than 565,000 metric tons of greenhouse gas emissions per year - equivalent to taking approximately 110,000 cars off the road - according to US Environmental Protection Agency methodology.