JAPAN TO BUY CALIFORNIA WIND

Having recently made the first spot trade in emission credits (See FIRST CARBON SPOT TRADE IN JAPAN), Marubeni Corp is here again demonstrating an aggressive attitude toward seizing the opportunities that climate change and New Energy are offering up.

Their move into the US wind energy market indicates they believe US public policy will continue to support New Energy. The success of Marubeni’s strategy will prove a lot to those paying attention.

Marubeni Corporation of Japan to Invest $16.6 Million in California Wind Developer Oak Creek Energy Systems
December 3, 2007 (PR Newswire via Yahoo Finance)

WHO
Oak Creek Energy Systems, Inc. (Niels Rydder, Chairman/CEO & Hal Romanowitz, President/COO), Marubeni Corporation (Kenji Natori, General Manager)

Oak Creek Energy's Alta Wind Energy Center. (click to enlarge)

WHAT
Marubeni will acquire a controlling interest in Oak Creek Energy, a leading California renewable energy company in development, construction and operation of wind energy projects, thru a $16.6 million equity investment.

WHEN
- The deal was announced December 3.
- Oak Creek’s Alta Wind Energy Center will be constructed over several years as the Tehachapi Renewable Transmission Project makes transmission available.

WHERE
- Marubeni is based in Tokyo, Japan. Oak CreekEnergy is based in Escondido, CA.
- Oak Creek is a longstanding wind energy generator in California’s Tehachapi Pass and has 5,000+ megawatts of wind projects in development in the US Southwest, including the Alta Wind Energy Center in Kern County, California.

WHY
- The deal locks in Oak Creek as Marubeni's wind energy development partner for North America.
- Oak creek’s Alta Wind Energy Center will provide 1550 megawatts of capacity to Southern California Edison, one of the largest such contracts in the country.
- Another part of the Alta venture is the 24 megawatt Alite Wind project in Mojave, Ca., that will sell energy to the Mojave plant of California Portland Cement Company.
- Financial details are included in the original article.

A Marubeni corporate image symbolizing "for the natural environment" seems appropriate for a company building its holdings in New Energy. (click to enlarge)

QUOTES
- Kenji Natori, General Manager of the New Technology & Renewable Energy Department of Marubeni: "This is a great and unique opportunity…Our investment will help Oak Creek fulfill its development obligations resulting from the groundbreaking 1,550 MW Southern California Edison power purchase agreement and aggressively pursue its plans for development of wind projects throughout North America…"
- Niels Rydder, Chairman & CEO of Oak Creek: "Wind energy is the most important technology in renewable energy generation. It's a proven winner for generators and customers. This deal represents a unique combination of international expertise and capital engaging in the California and the North American markets…"
- Hal Romanowitz, President and COO of Oak Creek: "We will set a new standard for large utility-grade wind energy products - and we are setting the bar high…We are excited for this collaboration."