| 2016-10-11 09:01:41|
GE, C 09:01 10/11 10/11/16
GE Energy Financial Services, Citi provide tax equity financing on wind farm
GE (GE) unit, GE Energy Financial Services, and Citi (C) announced the closing of tax equity financing on Deepwater Wind's Block Island Wind Farm, the first offshore wind farm in the United States. Deepwater Wind completed construction on the 30-megawatt Block Island Wind Farm in August, and commercial operations are expected to begin in November. The role of the D.E. Shaw group, principal owner of Deepwater Wind, remains unchanged with the addition of the two tax equity investors. GE Renewable Energy is the project's turbine supplier, providing the five, 6-megawatt Haliade wind turbines for the wind farm, which is located roughly three miles off the coast of Block Island, R.I. In addition to the turbines, GE Renewable Energy's offshore wind business is providing long-term services and maintenance for the project. The Block Island Wind Farm is GE Energy Financial Services' second offshore wind investment this year, building upon the company's $12 billion renewable energy investment commitments in more than 18-gigawatts of wind and solar projects.