Posted by: Lawyer Sanders | July 28, 2009

Kentucky environmental attorney Sanders says Sumitomo Corporation is investing big $$$ in wind energy generation in America.

Sumitomo Corporation is the parent company of Sumitomo Corporation of America, and is headquartered in Tokyo.  Sumitomo recently announced that it has purchased a 42.5% share in Stanton Wind Energy LLC from AIG Financial Products Corp., a part of American International Group, Inc.

The Stanton wind project is developed, managed and operated by Stanton Wind Holdings LLC, a 100% subsidiary of Invenergy Wind North America LLC, one of the leading wind developers in the U.S. Stanton wind project utilizes 80 1.5MW GE turbines and commenced its commercial operations in February 2008, and has been in continuous operations.  The remaining share will be held by GE Energy Financial Services and Invenergy group.

This 120MW wind power facility, when compared to coal power plants, will contribute a reduction of approximately 800,000 tons of CO2 emissions annually and 20,000,000 tons over 25 years.

Sumitomo Corporation already has two developed and operating wind farms in Japan, and one project under development in China. With this investment, Sumitomo for the first time enters into the U.S. market, where governmental incentives are encouraging renewable energy investments.

The renewable energy industry is expected to grow further with the support of the Obama Administration’s Green New Deal Policy.  Among all other renewable energy sources, the wind power market is expected to have the most growth potential. Market volume is expected to expand in the future. At the end of 2008, cumulative total of 25GW wind power generation was introduced in the U.S., according to the American Wind Energy Association.

The U.S. Department of Energy predicts that 20% of all electricity generation could come from wind power by 2030.

Sumitomo has a strong global commitment to sustaining the environment by contributing to environmental businesses, like the development of renewable energy. The wind power business is an area of strategic focus. The Stanton wind project gives Sumitomo entrance into the U.S. wind business market, and the Company intends to vigorously develop the future of wind business in North America.

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Responses

  1. This is great news for Kentucky people. This will also bring a rise in the employment rate. Thanks for sharing. Hey, I know a great Kentucky home that might interest you too. Thanks.


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