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

tidal power

Is tidal energy the surge remote coastal communities need?

VANCOUVER - Many remote West Coast communities are reliant on diesel for electricity generation, which poses a number of negative economic and environmental effects.

But some sites along B.C.’s extensive coastline are ideal for tidal energy micro-grids that may well be the answer for off-grid communities to generate clean power, suggested experts at a COAST (Centre for Ocean Applied Sustainable Technologies) virtual event Wednesday.

There are 40 isolated coastal communities, many Indigenous communities, and 32 of them are primarily reliant on diesel for electricity generation, said Ben Whitby, program manager at PRIMED, a marine renewable energy research lab at the University of…

READ MORE
keyboard

Criminals posing as Toronto Hydro are sending out fraudulent messages

READ MORE

energy storage

Utilities see benefits in energy storage, even without mandates

READ MORE

nuclear power

IEA: Asia set to use half of world's electricity by 2025

READ MORE

Russ Urban, president of High Hotels Ltd

Pennsylvania Home to the First 100% Solar, Marriott-Branded U.S. Hotel

READ MORE