GE Energy Financial Services, the energy investing unit of General Eeletric Co., is increasing its investment in the Scholl Canyon Landfill gas project in Glendale.
GE has acquired a 90 percent interest in a Scholl Canyon partnership, one of the largest gas-to-energy landfill projects in the United States. GE acquired the stake from Scholl Canyon Landfill Gas Corp., an affiliate of Palmer Capital Corp., which will continue to manage and direct the operations.
Financial information about the transaction was not disclosed.
The project captures and treats 10 million square feet of methane gas, a greenhouse gas emitted by decomposing waste, and transports it five miles to Glendale's 250-megawatt Grayson Power Plant, where it is turned into electricity for 10,000 local homes.
"This acquisition draws upon our expertise in both renewable energy technology and project finance to help us diversify our renewable energy footprint and achieve our goal of investing $4 billion by 2010 in renewable energy," said Kevin Walsh, a spokesman for GE Energy Financial Services.
The Scholl Canyon Landfill gas project has been operating for more than a decade.
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