Japanese firm buys into U.S. wind farm
STANTON, TEXAS - Sumitomo Corp. of Japan has purchased a 42.5% stake in a U.S. wind farm for about $100-million from an investment unit of American International Group Inc., to tap the world's largest market for the generators.
The 120-megawatt farm in Stanton, Tex., employs turbines developed by General Electric Co. General Electric and operator Invenergy LLC hold the remaining stakes.
The acquisition marks Sumitomo's entry into the U.S. wind power market as President Barack Obama's administration embarks on legislation that will require utilities to get as much as 15% of their power from renewable sources.
Sumitomo wants to focus its renewable energy business on wind and solar power, mainly in Japan and the United States, the company says.
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