October 13 (SeeNews) - UK infrastructure company John Laing Group plc (LON:JLG) is investing in a 29.9-MW wind project in New Mexico in its first venture in the US renewable energy sector.
John Laing said today it is investing USD 20.5 million (EUR 18.6m) in the Sterling wind development in a partnership with project developer Akuo Energy USA Inc, which is a unit of French-based Akuo Energy.
The wind farm, located in Lea County, will feature 13 GE 2.3-116 turbines. It has a 15-year fixed-price power purchase agreement (PPA) with a regional utility and is expected to be completed in the third quarter of 2017.
In addition to John Laing's equity investment, the construction of the facility will be funded with a loan from BayernLB. That loan will bridge an equity contribution from GE Energy Financial Services.
John Laing recently announced its first investment in an offshore wind farm, the 110.7-MW Nordergruende project in the German North Sea.
(USD 1.0 = EUR 0.907)