Marubeni in deal to enter U.S. wind energy market

TOKYO, Dec 4 (Reuters) - Japan's Marubeni Corp (8002.T) will take a controlling stake in Oak Creek Energy Systems Inc, a wind power developer in California, through a $21.5 million equity investment to tap into the fast-growing U.S. wind energy market.

The overseas independent power-producing business is one of the focus areas for Marubeni, Japan's fifth-biggest trading house which currently has electric power generation capacity of a total 18.63 gigawatts in 20 nations.

In countries keen to reduce emissions and dependency on fossil fuels, wind technology is the place to invest, analysts say.

Oak Creek has been involved in the Alta Wind Energy Center project in the windy Tehachapi region in southern California, whose planned wind power capacity is almost the same as Japan's existing capacity for wind power of about 1.5 gigawatts.

The project, unveiled in December 2006, is being undertaken by Alta Innovative Power Co, Oak Creek's joint venture with Allco Finance Group AFG.AX of Australia, with the first new windmills expected to begin spinning in 2011.

"We've looked into the asset portfolio since Oak Creek made that contract, and we have now come up with the takeover deal," Marubeni spokesman Daigo Noguchi said on Tuesday.

Marubeni said a majority vote of Oak Creek shareholders approved its investment, representing 56.3 percent of outstanding shares when completed.

When completed, the Alta Wind Energy Center will provide the generation capacity for a 1.55 gigawatt power purchase agreement with Southern California Edison Co, a unit of Edison International (EIX.N).

In terms of economic value, global wind energy markets saw a boom year in 2006 with new generating equipment installed reaching 18 billion euros, or $23 billion, according to the Global Wind Energy Council. (Reporting by Risa Maeda; Editing by Malcolm Whittaker)