Edison International said Thursday that it has agreed to purchase $698 million worth of wind power turbines from India's Suzlon Energy Ltd.
The Edison Mission Energy unit agreed to purchase 300 wind turbines capable of generating 630 megawatts of electricity, the company said today in a filing with the U.S. Securities and Exchange Commission. The turbines will be delivered next year and in 2009, the company said. One megawatt is enough to serve about 650 regular homes.
This deal comes six months after Edison signed the largest wind-power deal ever for a U.S.-based utility. In December, Edison signed an agreement with Alta Windpower Development, a subsidiary of Australia-based Allco Financial Group Inc., to supply the power compnay with 1,500 megawatts of electricity -- more than doubling the utility's wind energy portfolio.
The State of California has set a goal that 20 percent of the state's electricity will be from renewable sources -- in addition to hydro power -- by 2010. At the end of 2005, 17 percent of the electricity delivered by of So Cal Ed, the state's second-largest electric utility, was generated by using renewable sources such as wind power.
Shares in Edison closed down $2.61, or 4.5 percent, to $54.25 Thursday in trading on the New York Stock Exchange.
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