Japanese firm buys into U.S. wind farm

subscribe

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.

Related News

powerlines

Data Center Boom Poses a Power Challenge for U.S. Utilities

WASHINGTON - U.S. electric utilities are facing a significant new challenge as the explosive growth of data centers puts unprecedented strain on power grids across the nation. According to a new report from Reuters, data centers' power demands are expected to increase dramatically over the next few years, raising concerns about grid reliability and potential increases in electricity costs for businesses and consumers.


What's Driving the Data Center Surge?

The explosion in data centers is being fueled by several factors:

  • Cloud Computing: The rise of cloud computing services, where businesses and individuals store and process data on…

    READ MORE
winter scene in calgary

Calgary's electricity use soars in frigid February, Enmax says

READ MORE

Turkish powership to generate electricity from LNG in Senegal

READ MORE

typhoon radar image

Nearly 600 Hong Kong families still without electricity after power supply cut by Typhoon Mangkhut

READ MORE

Macron: France, Germany to provide each other with gas, electricity, to weather crisis

READ MORE