Latest Agreement With Noble Valued at Approximately $650 Million
NEW ORLEANS--(BUSINESS WIRE)--GE Energy has received a contract of approximately $650 million to provide 333 wind turbines to Noble Environmental Power for new and expansion projects in New York and Texas that will add nearly 500 megawatts of wind power capacity to the country's renewable energy supply.
The new agreement is the fourth wind turbine supply contract that GE and Noble have signed over the past three years, adding up to 877 GE 1.5-megawatt wind turbines with a total value of more than $1.5 billion.
"We are pleased that Noble continues to show confidence in the reliability and availability of our technology," said Victor Abate, vice president-renewables for GE Energy. "By again selecting our 1.5-megawatt wind turbines, Noble will be able to leverage spare parts, knowledge and experience across the entire fleet."
GE's 1.5-megawatt wind turbine is one of the most widely used machines in the wind industry, with more than 6,500 installed or committed for projects worldwide. "This technology has been proven in nearly every wind regime, terrain or climate," Abate said.
The wind turbines covered under the latest agreement will be shipped during 2009, with most of the projects expected to enter commercial operation by the end of that year. They will support the Renewable Portfolio Standards for the states where they are located.
Based in Essex, CT, Noble Environmental Power was founded in 2004 by veterans of the independent power industry, and is majority-owned by affiliates of JP Morgan Partners. The company has projects under development in ten states, including New York, Vermont, New Hampshire, Maine, Michigan, Wyoming and Texas. Noble expects to use the 2009 turbines for wind parks located in New York and Texas.
This latest agreement with Noble follows the recent announcement that GE Energy is expanding its Power Generation headquarters in Schenectady, NY, in response to growing global demand for cleaner, more efficient ways of producing energy, such as wind power. "These new projects with Noble further illustrate the tremendous interest we are seeing in cleaner, wind-generated electricity around the United States and worldwide," said Abate.
About GE Energy
GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technologies, with 2006 revenue of $19 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. Numerous GE Energy products are certified under ecomagination, GE's corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.
With wind turbine design, manufacturing and assembly facilities in Germany, Spain, China, Canada and the United States, GE Energy is among the leading providers of wind energy products and support services ranging from commercial wind turbines and grid integration products to project development assistance and operation and maintenance. The company's knowledge base includes the development and/or installation of more than 7,500 wind turbines with a total rated output of more than 9,800 megawatts.
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