Maverick oilman Pickens puts $2B bet on wind power

"These projects are being held up and investment is at stake," Real de Azua said.

More than 5,200 megawatts of new wind power capacity was installed last year, more than double the amount in 2006, the American Wind Energy Association said.

The deal is a windfall for Fairfield-based GE, which makes jet engines, locomotives and water treatment plants and runs the NBC television network. Normally a reliable producer for its shareholders, GE's failure to hit its own projected earnings marks in the first quarter this year sent a ripple through Wall Street and underscored that even the world's largest companies are struggling with the weakened economy.

The wind announcement came a day after reports surfaced that GE was shopping its 101-year-old appliance business for as much as $8 billion. Last year, it sold its struggling plastics business to a Saudi Arabian company for $11.6 billion.

While GE has worked in recent years to shed underperforming products, Thursday's deal with Mesa Power was in line with its strategy to grow its renewable investment business.

GE set a goal of investing $6 billion in renewable energy by 2010, increasing its investment by 50 percent.

"As America's demand for energy escalates, it is clear that wind can and will play a bigger part in meeting that need," said Jeffrey R. Immelt, GE Chairman and CEO. "We're excited to partner with an energy visionary like T. Boone Pickens to bring our wind technology to the marketplace."

GE fell 14 cents per share, or less than 1 percent, to $32.37, on Thursday.

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AP Business Writer Adam Schreck in New York contributed to this report.