The clean electricity generated from the Spinning Spur 3 Wind Project feeds into the CREZ transmission system and provides power to two municipal utilities.

EDF Renewable Energy (EDF RE) has closed on the transaction to sell 50% interest of the 194-MW Spinning Spur 3 Wind Project in Texas to a fund managed by BlackRock’s Infrastructure Investment Group.

This transaction is the third of five signed agreements between BlackRock and EDF Renewable Energy to close. The remaining projects, Roosevelt (250 MW) and Milo (49.65 MW) wind projects, will close upon completion of construction and tax-equity financing.

The project, located 50 miles west of Amarillo in Oldham County, commenced construction of its 97 Vestas V-100 2-MW wind turbines in October 2014 and declared commercial operation in September 2015. The clean electricity generated from the Spinning Spur 3 Wind Project feeds into the CREZ (Competitive Renewable Energy Zone) transmission infrastructure and provided to two municipal utilities, Georgetown Utility Systems and Garland Power & Light, under long-term Power Purchase Agreements.

EDF RE remains closely involved in Spinning Spur 3 Wind maintaining 50% ownership stake. EDF Renewable Services, a provider of renewable operations and maintenance services in North America, will provide balance-of-plant operations and maintenance for the facility including 24/7 remote monitoring from its NERC compliant Operations Control Center (OCC).

BlackRock operates one of the largest renewable power investment platforms in the world with over $1.5 billion of equity assets under management. The Longhorn project is the 32nd transaction completed to date by BlackRock Infrastructure in the renewables space, bringing the total invested portfolio to approximately 1,300 MW of wind and solar projects located across the USA, Canada, Ireland, Sweden, France and the UK.

EDF Renewable Energy is one of the largest renewable energy developers in North America with six gigawatts of wind, solar, biomass, and biogas projects developed throughout the U.S., Canada, and Mexico.

EDF Renewable Energy
www.edf-re.com

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AltaLink recently completed construction on a new transmission line that delivers wind energy from renewable generators in southern Alberta.

AltaLink, Alberta’s largest regulated electricity transmission company, recently submitted a proposal to Alberta’s Climate Change Advisory Panel with recommendations for lowering greenhouse gas (GHG) emissions. This past September, AltaLink also completed construction and energized a new transmission line, which will deliver wind energy from renewable generators in southern Alberta for the benefit of all of those in the province.

AltaLink’s submission to the Government of Alberta’s Climate Change Advisory Panel, “Investing in Alberta’s clean energy future,” outlines a plan to assist the province in cutting emissions from coal generation, creating more jobs, and delivering a reliable and cost-effective electricity grid. The company is commitment to growing Alberta’s renewable energy opportunities.

“AltaLink understands Alberta’s electricity sector. It’s all we do. So we know that reliable, affordable, and environmentally sustainable electricity for Alberta’s businesses and families depends on a diversified portfolio of resources that includes renewables, cogeneration and other gas-fired generation, energy efficiency, and strong access to regional markets,” said Scott Thon, AltaLink’s President and CEO.

AltaLink’s plan includes suggestions for attracting investment in renewable generation development through a process that provides long-term contracts and recommendations for minimizing the cost of coal retirement. The recommendations include removing coal generation from general daily use and using existing coal capacity only as a reliability back up at times of low renewable generation or as a temporary contributor during periods of peak demand.

The transmission company’s latest project supports the continuing growth of Alberta’s wind energy sector. Together with the South Foothills Transmission Project between the Fort Macleod and High River areas, these developments will deliver increased capacity to transmit electricity from wind farms in southern Alberta to the homes, farms, and businesses across the province.

“Alberta has tremendous potential for generating new, green wind energy,” said Thon. “With the completion of SFTP on time and on budget, we have removed a significant barrier to bringing wind energy from where it’s generated to where it’s needed. In addition, we are currently consulting on a project in Southern Alberta that will provide considerable additional system capacity for wind producers.”

AltaLink
www.altalink.ca

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The Alstom acquisition marks GE’s largest ever industrial deal.

GE has officially completed the acquisition of Alstom’s power and grid businesses, following regulatory approval of the deal in over 20 countries and regions. It is GE’s largest-ever industrial acquisition, and spans the EU, the U.S., China, India, Japan, and Brazil.

GE reached an agreement with Alstom in 2014 to purchase Alstom’s power and grid businesses for €12.35 billion.

Adjusting for the joint ventures announced in June 2014 (renewables, grid, and nuclear), changes in the deal structure, price adjustments for remedies, net cash at close, and including the effects of currency, the current purchase price is €9.7B (approximately $10.6B). This figure includes working capital of approximately €0.6B in October of this year.

GE expects the deal to generate $0.05 to $0.08 of earnings per share in 2016, and $0.15 to $0.20 of earnings per share by 2018. GE is targeting $3.0 billion in cost synergies in year five and strong deal returns.  The overall economics and strategic rationale remain the same as GE announced in April 2014.

“The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation,” said Jeff Immelt, chairman and CEO, GE. “The complementary technology, global capability, installed base, and talent of Alstom will further our core industrial growth. We are open for business and ready to deliver one of the most comprehensive technology offerings in the energy sector for our customers.”

The GE and Alstom combination will benefit U.S. customers in New Jersey for the combined-cycle power plant, PSEG Sewaren (GE 7HA gas turbine + Alstom heat recovery steam generator). Among other global projects, GE and Alstom are also  preferred bidders for a combined-cycle plant project in Asia.

GE continues to execute its strategy to become a simpler, more focused company. In addition to the Alstom acquisition, GE is moving forward with several plans: the split-off of Synchrony Financial has commenced; the GE Capital exit strategy is ahead of plan with $126 billion of signed dispositions; the recent formation of GE Digital is consolidating all digital capabilities across the company to provide customers with the best industrial solutions and software; and GE is winning in the marketplace and delivering strong financial results.

GE
www.ge.com/investor

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