Goldman Blows More Cash Into Wind Power

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Investment bank Goldman Sachs (GS) has made a “significant investment” in Nordic Windpower, a company that manufactures utility-scale wind turbines. The investment, according to the privately held company’s release, will be used to help Nordic expand production efforts to the U.S.

“The investment will enable Nordic Windpower to become a market and technology leader in the $20 billion global wind energy industry,” Steve Taber, Nordic Windpower CEO, was quoted as saying.

Goldman Sachs knows the benefit of investing in wind power. Last month, the investment bank reported third-quarter profits of $2.85 billion, which included a $900 million sale of wind power company Horizon Wind Energy.

While returns on investment are decreasing for the wind industry, investors are still betting on wind projects as states continue to mandate that utilities add more renewable energy to their power portfolios.

As we reported in August, Goldman competitor JPMorgan (JPM) has invested $1.2 billion in wind this year (as of that report), which accounted for half of the total number of deals in the sector, according to Dow Jones Cleantech Investor.

In other wind power news today, a unit of General Electric (GE) said it will supply SkyPower with 200 wind turbines to be installed in Canada and the U.S. in a deal valued at about $400 million. GE has shipped more than 6,500 of the machines for projects around the globe.

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