GEFS Buys Stake in Michigan Wind Project

by Terrence Murray - October 5, 2011

Invenergy’s wind unit has secured an undisclosed equity investment in a fully-contracted 110-megawatt wind project under development in Michigan.

GE Energy Financial Services has acquired an undisclosed stake in the 110-megawatt, Gratiot County Wind project, Invenergy is developing near the town of Breckenridge, in central Michigan.

Chicago-based Invenergy aims to complete construction of Gratiot County during he first quarter of 2012. Once it goes commercial the facility will its output to DTE Energy under a long-term power purchase contract.

“This investment deepens our relationship with Invenergy, marking our fourth investment in its wind projects over the past four years,” said GEFS executive Tim Howell, in a prepared statement.

Fully developed, the Gratiot project will produce some 212 megawatts of wind-powered electricity.

As we’ve reported Invenergy is also trying to secure debt financing for its  200-megawatt Bishop Hill wind project in Illinois. Last week, lead bank Bayern Landesbank  had reportedly flexed the pricing and tenor of the debt financing supporting the construction of this project from 18 years to 10 years. BLB’s decision underscores rising concerns over ongoing market volatility

 

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