13 September 2005 – The energy investment arm of GE, Energy Financial Services, has acquired from EAB Technology Group its third windpower generation project, the 55 MW Alsleben project.
GE’s Energy Financial Services unit provided the equity and will secure long-term senior debt financing from local banks. Financial terms were not disclosed.
The Alsleben project, located between Magdeburg and Halle, is one of Germany’s largest wind farms and will consist of 37 of GE’s 1.5 MW turbines.
Construction of the Alsleben project began last week and will include a power substation and upgrade of a transmission line. It is scheduled to enter commercial service by April 2006, selling its electricity to
the regional grid operator. The wind farm will annually produce power sufficient for about 30 000 homes and will save approximately 100 000 tons a year in greenhouse gas emissions, compared with equivalent fossil fuel generation.
EAB, the project developer and construction manager, will continue as technical advisor, while GE Energy, one of the world’s leading suppliers of power generation and energy delivery technology, will operate and maintain the wind farm.
GE’s Energy Financial Services’ two earlier German wind
acquisitions were the purchases of four wind farms from Denker & Wulf and one from REpower in July. The Alsleben transaction brings GE’s Energy Financial Services’ total wind capacity in Germany to 154 MW.
Andrew Marsden, Managing Director of GE’s Energy Financial
Services’ European operations, said: “The Alsleben acquisition is an excellent fit with our strategy of investing in high-quality energy assets with experienced counterparties in one of our core focus areas,
GE’s Energy Financial Services’ European Executive
Director and transaction leader, Mark Jones, added: “The Alsleben transaction combines GE’s strengths as a leading supplier of both structured capital and energy technology, and reflects our commitment to invest in Germany’s energy market.”
Dr. Rainer Sack, manager of the EAB Technology Group, said: “The sale of this developed wind farm to GE’s Energy Financial Services unit affirms EAB’s position as one of Germany’s leading wind project developers. We are delighted to have worked with GE, which served both as the acquirer and supplier of wind turbine generators, operations