Nov 18 2010
Champlin Windpower, a company engaged in developing enormous wind farms, declared that it has received $50 million as initial investment from Good Energies, a company known for its worldwide investments in renewable energy technology industries.
The funding will be utilized to start a developmental venture called Champlin-GEI Wind Holdings and sustain its activities in building an advanced type of wind energy program.
Champlin-GEI Wind Holdings will concentrate on formulating 100 MW and 500 MW wind power generation ventures in the Western side of the U.S., which includes the currently running projects of Champlin Windpower in Nevada, California, Hawaii and Utah. Good Energies’ venture will sustain the takeover and expansion of new projects as well as the development of the existing projects of Champlin in early as well as in the final stages of development. Currently Champlin has around 4 GW worth of projects in the pipeline. The new venture will administer and carryout all the expansion activities such as taking environmental clearance, getting transmission lines, negotiating the contracts of construction, fixing up the building activities and arranging finance for the projects.
Ian Blakely, Director of North American wind investments at Good Energies, shared his excitement to associate with Champlin and Mike Cutbirth, Chief Executive Officer of Champlin-GEI Wind Holdings. He added that the wind energy development in North America is expected to witness a major growth and the newly formed Champlin team is securely placed to take advantage of it. Cutbirth, Champlin-GEI Wind Holdings Chief Executive Officer, said that a number of potential wind projects all over the country were shelved due to funding problems and strained economic troubles faced by the country. He further said that with an adequate support from Good Energies, Champlin-GEI Wind Holdings will perform a major role in the development of important wind projects in western and central parts of the U.S. where there is a growing demand for renewable energy power and adequate availability of wind resources.