GE Energy, Invenergy Team to Build Wind Project with Federal Stimulus Funds

April 4, 2009 – Vol.14 No.2

GE Energy, Invenergy Team to Build Wind Project with Federal Stimulus Funds.

One of the first wind energy projects expected to benefit from President Obama’s stimulus plan is being developed by Invenergy Wind in LaSalle County, Illinois. GE Energy will supply 74 of its 1.5-megawatt (MW) wind turbines to begin the expansion of the Grand Ridge Energy Center, which, when completed, will increase the country’s wind power capacity by over 110 megawatts, enough clean energy for 30,000 U.S. households.

“The availability of stimulus funds paves the way for a new wave of growth for the American wind industry,” said John Krenicki, president and CEO of GE Energy, the largest U.S. wind turbine supplier. “We encourage others in the wind industry to follow Invenergy’s example and move forward with their plans to develop new wind farms to help meet the nation’s demand for cleaner energy.”

“With a White House and a Congress that support renewable energy and understand the importance of energy independence, Invenergy and GE are poised to make a significant contribution to the growth of wind energy development in the U.S.,” said Michael Polsky, president and CEO of Invenergy. “Renewable energy is good for the country, economically and environmentally. There is an abundance of wind power in the U.S. waiting to be harnessed into electricity that can be used to meet our growing energy demands,” he added.

Under the terms of the American Recovery and Reinvestment Act (ARRA), commonly called the federal stimulus package, there are a number of provisions to encourage the development of wind projects, including a three-year Production Tax Credit (PTC) extension, an option to elect a 30% Investment Tax Credit (ITC) in place of the PTC, a temporary program that includes an option to convert the ITC into a Treasury grant and a new Department of Energy (DOE) loan guarantee program.

Since entering the renewable energy industry in 2002, GE has invested more than $850 million in renewable energy technology and production. Today GE’s renewable energy business, including wind and solar, employs more than 5,000 people globally, and has increased “green jobs” throughout the domestic supply chain by over 300%.

Invenergy, one of the top five independent wind energy developers in North America, has 2,000 MW of wind projects and 2,800 MW of natural-gas fired generating projects in operation or construction. (4/3/09)

Links:

GE Energy
http://www.ge.com/energy

Invenergy
http://www.invenergyllc.com

--- SunPower and GE Complete 1.1 MW System for Hewlett Packard; SunPower Offers Solar Systems to HP Employees at Preferred Rates.

--- GE Makes its Sixth Equity Investment in Battery Manufacturer A123 Systems.

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: Yes