By Greentech Lead America: E.ON Climate & Renewables
(EC&R) has raised $150 million of institutional equity financing from Bank
of America Merrill Lynch in exchange for a partial interest in its Pioneer
Trail Wind Farm.
“We welcome Bank of America Merrill Lynch as an
investor in our Pioneer Trail Wind Farm. This transaction demonstrates
EC&R’s commitment to boosting local economies and plays a major role in
promoting clean, affordable, homegrown energy,” said Steve Trenholm,
CEO, E.ON .
The wind farm project utilizes North American made
turbines, blades and towers to generate electricity. The project consists of 94
GE 1.6 megawatt turbines providing more than 150 megawatts (MW) of power,
enough power to more than 45,000 households in the central Illinois region.
The project is located in Ford and Iroquois counties, IL,
and expected to generate more than $29 million in local taxes, pay $8 million
in local salaries, and earn landowners more than $50 million.
The Pioneer Trail Wind Farm is the 15th operational wind
farm in North America for EC&R, giving the company more than 2,200 MW
online.
“Our investment in the Pioneer Trail Wind Farm is
another step in Bank of America’s 10-year, $20 billion environmental business
commitment. E.ON is a significant BofA Merrill institutional client, and we are
pleased to have expanded our relationship through this renewable energy project
that also supports the local Illinois economy,” said Todd Karas, president
of Banc of America Public Capital Corp.
E.ON Climate & Renewables secures $122 million from JP Morgan
and Wells Fargo
Recently, EC&R secured $122.2 million from JPM
Capital (JP Morgan) and Wells Fargo Wind Holdings in exchange for a partial
interest in its recently completed Settlers Trail Wind Farm. JP Morgan acted as
lead investor in the financing.