$1.3 billion loan to develop world's largest wind farm
A conditional commitment for a partial guarantee of a $1.3 billion loan is to be provided in support of the development of the world’s largest wind farm to date. U.S. Energy Secretary, Steven Chu, made the announcement today for the loan financing of the Caithness Shepherds Flat wind project. Located in the eastern area of Oregon, U.S., the 845 megawatt wind powered electrical generating facility will be sponsored by Caithness Energy LLC and General Electric (GE) Energy Financial Services.
"Thanks to the Recovery Act, we are creating the clean energy jobs of the future while positioning the U.S. as a world leader in the production of renewable energy," said Secretary Chu. "This project is part of the Administration's commitment to doubling our renewable energy generation by 2012 while putting Americans to work in communities across the country."
GE will supply a total of 338, 2.5xl wind turbines for the Caithness Shephers Flat wind project. The turbines are designed specifically for providing high efficiency, as well as increased reliability, maintainability and grid integration. The wind farm is the first in North America to utilize these particular turbines, which have been previously used throughout Europe and Asia.
Upon completion, the project will sell 100 percent of its generated power to Southern California Edison through 20-year fixed price power purchase agreements. The wind facility is expected to eliminate over 1.2 million tons of carbon dioxide each year, which is equal to the annual greenhouse gas emissions from 212,141 passenger vehicles. Additionally, the project is due to create 400 construction jobs and 35 permanent jobs on site.