A wind turbine or other rotary device for generating electricity has its outer perimeter constructed with coils that form a rotor (26) of an electrical generator. A stator assembly (52) is positioned at the lower perimeter of the path of the rotor and includes stator halves that are juxtaposed the moving rotor for generating electricity. The stator halves include magnetic bearings that provide substantially no contact between the rotor and the stator, allowing the rotor to move with a minimum of resistance.