GE Energy Financial Services, a unit of General Electric Company (GE) has partnered with Enel Green Power North America, Inc. though a 51% equity ownership stake in one of the largest wind projects, The Chisholm View wind project, Oklahoma.

This $375 million worth wind project is currently under construction 85 miles north of Oklahoma City in Grant and Garfield counties. Enel Green Power North America, which will be the project manager, will own the remaining 49% of the 235-megawatt wind farm.

The project is expected to be completed during the latter half of fiscal 2012, however prior to the Federal Production Tax Credit deadline. The project will use 140 of GE’s 1.6-megawatt wind turbines and supply power to Alabama Power Company, a Southern Company subsidiary, under a 20-year agreement.

One of the strategic development partners of Enel Green Power North America, (TradeWind Energy) estimated that the Chisholm View wind project will contribute up to $5 million annually to the local economy by way of property taxes and rent payments to landowners and will help create 150 construction and up to 15 permanent jobs.

According to the U.S. Environmental Protection Agency methodology, the project is expected to generate sufficient power to avoid more than 565,000 metric tons of greenhouse gas emissions per year, which is almost equal to pulling approximately 110,000 cars off the road.

GE Energy Financial Services, along with Enel Green Power has previously invested in a 101-megawatt wind farm in Smoky Hills, Kansas and a 63-megawatt wind farm in Scurry County, Texas.

The deal also is in line with GE’s long term growth prospects. The company sees good potential in the Energy sector, as GE Energy supplies the most efficient and reliable wind turbine fleet in the world, with average utilization reliability of 98.5% for its installed base of 17,000 wind turbines worldwide, up from 85% just five years ago. GE currently holds a Zacks Rank of #3, which implies a short term ‘Hold’ rating on the stock.

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