Itochu Takes Equity Stake in Okla. Wind Farm
Japanese industrial group Itochu has joined GE Energy Financial Services as an equity investor in the $319 million, 152-megawatt Keenan II wind farm in Oklahoma.
As part of the transaction Itochu will invest about $26 million in Keenan II, or about 40 percent of GE Energy’s initial $65 million investment announced earlier this year.
Last Spring GE and Itochu forged an investment partnership to support wind and other renewable energy projects in the U.S. and abroad. A GE spokesman tells G.E.R. that other investments supporting U.S. projects are in the pipeline.
As previously reported developer CPV is funding the rest of the project with company equity and a $212 million loan arranged by The Bank of Tokyo-Mitsubishi and Union Bank. Participating banks also include Key Bank, Helaba, LBBW, Natixis and Rabo Bank.
Keenan II is backed by a 20-year power purchase agreement and is slated to go live at the end of the year.