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December 3, 2007 – Vol. 12 No.37 Marubeni Corporation Of Japan To Purchase Controlling Interest In California Wind Developer Oak Creek Energy Systems. Oak Creek is one of the longest-running wind energy generators in the Tehachapi region of Southern California and currently has more than 5,000 MW of wind energy projects in its development pipeline in the US Southwest. The transaction, approval by a majority vote of Oak Creek shareholders, will occur through a $16.6 million equity investment in Oak Creek Holdings, Inc., a newly formed parent holding company. Marubeni will hold 55.4 percent of the outstanding shares of Oak Creek. Significant among Oak Creek’s development projects is the Alta Wind Energy Center project in Kern County, California. Development there is being undertaken by Alta Innovative Power Company LLC, Oak Creek's joint venture with Allco Finance Group of Sydney, Australia. When complete in several years the Alta Wind Energy Center will provide the generation capacity for a 1,550 MW power purchase agreement with Southern California Edison (SCE). The SCE wind power purchase agreement is considered to be one of the largest contracts of its type in the country.
Marubeni is a leading Japanese trading firms and operates in various industries from textile to exploration of natural resources in 11 business divisions. Marubeni recently purchased a 16 megawatt (MW) wood chip biomass-fueled power plant in Springfield, New Hampshire that had been operated by Hemphill Power & Light Company. Oak Creek is a wind energy pioneer, beginning with one of the first wind farms built in California in early 1982. (12/3/07)
Links: Marubeni Corporation Oak Creek Energy Systems
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No
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