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

winnipeg with electricity

Electrifying Manitoba: How hydro power 'absolutely revolutionized' the province

WINNIPEG - The first electric light in Manitoba was turned on in Winnipeg in 1873, but it was a century ago this year that the switch was flipped on a decision that would bring power to the fingertips of people across the province.

On March 12, 1873, Robert Davis — who owned the Davis House hotel on Main Street, about a block from Portage Avenue — used an electric arc light to illuminate the front of his building, according to A History of Electric Power in Manitoba, published by Manitoba Hydro.

That type of light used an an inert gas in a…

READ MORE
central asian power shortage

Why Is Central Asia Suffering From Severe Electricity Shortages?

READ MORE

abu dhabi nuclear plant

Crucial step towards completing nuclear plant achieved in Abu Dhabi

READ MORE

joe manchin

Manchin Calls For Stronger U.S. Canada Energy And Mineral Partnership

READ MORE

Drax Power Station

How the dirtiest power station in western Europe switched to renewable energy

READ MORE