JP Morgan buys into 100-MW Texas wind farm of E.on
Jul 30, 2013 - E.on Climate & Renewables (EC&R) North America said on Monday it had obtained USD 76.6 million (EUR 58m) in equity funding from JPM Capital Corp in exchange for a stake in its 100-MW Anacacho wind park in Texas.
JPM Capital Corp is the investment bank of JP Morgan (NYSE:JPM), while EC&R is part of German utility E.on AG (ETR:EOAN).
The financing will go to support EC&R’s project development initiatives, its chairman Steve Trenholm said. JPM Capital is also ready to provide further capital contributions.
The Anacacho wind farm, situated in Texas’ Kinney County, features 55 turbines of Danish Vestas Wind Systems A/S (CPH:VWS), each with a capacity of 1.8 MW. The installation was put on stream in December. It is expected to fetch over USD 25 million in local taxes and salaries, while over USD 34 million will be paid to the site’s landowners, the developer said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.