New York-based renewable energy company Terra-Gen Power, LLC closed a financing deal for what energy investment group ArcLight Capital has described as ‘the world’s largest wind-power project.’
Terra-Gen announced closure of the $1.2 billion financing deal – backed by ArcLight Capital – for four wind power projects with a total of 570 megawatts (MW) of capacity at its Alta Wind Energy Center in California on 27 July. The company expects project construction to begin immediately.
Terra-Gen will use turbines from Denmark’s Vestas and General Electric Company to generate clean, renewable electricity to 1.1 million people starting 2011. The company expects their 600 state-of-the-art wind power turbines to provide up to 3,000 MW of pollution-free electrical generating capacity and create more than 1,500 jobs.
Terra-Gen is part of the global rise in wind power as an alternative energy source. The World Wind Energy Association reported in 2009 wind power worldwide experienced a growth rate of 31.7 per cent – the highest rate since 2001 – and expects the wind industry to offer 1 million jobs in the year 2012.
“We are delighted to have closed this financing and to be working with Vestas and GE on the Alta projects. The project represents an important expansion of the renewable generating base of California and helps us advance our nation’s goals of achieving energy independence in an environmentally responsible manner,” said, Terra-Gen CEO Jim Pagano.
© 2011 Judge Energy Ltd. All rights reserved.