GE Purchases 51 Percent Stake in $375 Million Oklahoma Wind Farm

General Electric Co. (GE), the largest U.S. turbine maker, agreed to pay about $191 million for 51 percent of a wind farm under construction in northern Oklahoma that will cost about $375 million.

The 235-megawatt Chisholm View project is about 85 miles (137 kilometers) north of Oklahoma City and will use 140 of GE’s 1.6-megawatt turbines, the Fairfield, Connecticut-based company said today in a statement.

The project will sell power to Southern Co.’s Alabama Power utility under a 20-year agreement. Enel SpA (ENEL)’s North American unit will own the remaining 49 percent.

Chisholm View is expected to be completed by the end of the year and will be eligible for the production tax credit, which provides 2.2 cents a kilowatt-hour for power produced by wind. The credit will expire Dec. 31.

GE Energy Financial Services, an investment unit of the company, has invested in wind farms in five countries, with 9.6 gigawatts of capacity, according to the statement.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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