$115 MIL FOR WIND
Terra-Gen Power secures $115M in wind financing; New York-based company plans to sell clean, renewable wind energy from Tehachapi, Calif., project to Southern California Edison utility.
July 20, 2009 (Cleantech Group)
"…Terra-Gen Power…has closed $115 million in initial funding of $140 million in pre-construction financing. The funds bring the company one step closer to being able to purchase 100 General Electric 1.5-megawatt SLE wind turbines.
"The wind turbines are planned to be deployed as part of developing the 150-megawatt Alta Wind I wind project in the Tehachapi area of California. The project is the first phase of the Alta Wind Energy Center, a 3,000-megawatt initiative considered to be one of the largest U.S. wind development projects."
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"…[Alta Wind I is owned by California Highwind Power, an affiliate of Terra-Gen Power and its affiliate, ArcLight Capital Partners]…Investors included Calyon, Prudential Capital Group, and CIT…
"Under a 1,550-megawatt power contract with… Southern California Edison, the Alta Wind Energy Center plans to sells its clean, renewable wind energy back to the utility…The power is expected to be transported from the Tehachapi area to southern California via the utility’s Tehachapi Renewable Transmission Project—transmission lines designed to handle the growing need for renewable energy in the state…"