Japanese firm Sumitomo has entered the US wind energy business with the purchase of an interest in a 120MW wind farm in Martin County, Texas.
Sumitomo bought a 42.5 per cent stake in Stanton Wind Energy from AIG Financial Products, which is part of the American International Group.
The Stanton wind project is developed, managed and operated by Stanton Wind Holdings, a subsidiary of Invenergy Wind North America, a US wind developer. It uses 80 1.5MW GE turbines and commenced commercial operation in February 2008.
The remaining share of the company will be held by GE Energy Financial Services and the Invenergy Group.
Sumitomo expects the renewable energy industry to grow further with the support of the Obama administration’s Green New Deal Policy. At the end of 2008, 25GW of power was generated by wind in the US, according to the American Wind Energy Association. The US Department of Energy predicts that 20 per cent of all electricity generation could come from wind power by 2030.
Sumitomo has developed two wind farms in Japan, and has another under development in China.