Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, January 10, 2011

GE unit invests in California wind farm, (NYSE: GE)

General Electric Co's (GE.N) Energy Financial Services has bought a 50 percent stake in a California wind farm that marks the first phase of a project that will eventually power 1.3 million California homes. Bankers Commercial Corp., a unit of UnionBanCal, bought the other 50 percent stake in the Alta Wind I farm in Kern County, California. Terms were not disclosed. The farm, which uses 100 GE 1.5 megawatt turbines, was completed late last year. It is being leased back to its developer and operator, Terra-Gen Power, marking the first time GE has used a lease for a wind farm, GE said. (Reporting by Nick Zieminski, editing by Dave Zimmerman)