E.ON Climate & Renewables secures $122 million from JP Morgan and Wells Fargo

EON

E.ON Climate & Renewables secures $122 million from JP Morgan and Wells Fargo

By
Greentech Lead Team:
E.ON Climate & Renewables (EC&R) North America has
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. 

“EC&R
constantly looks to determine the most beneficial economic structures best
suited for its projects. For this project, teaming with JP Morgan and Wells
Fargo made the most sense,” said Verena Volpert, senior vice president
Finance, E.ON AG.

The
project consists of 94 GE 1.6 megawatt turbines providing more than 150
megawatts (MW) of power – enough to provide clean power to more than 45,000
households in the central Illinois region using North American made turbines,
blades and towers.

“Wind
farms generate clean, affordable, homegrown electricity, creating jobs,
providing an economic shot in the arm to farmers, ranchers, and rural
communities across America,” said Steve Trenholm, CEO, EC&RNA.

This
project is expected to generate more than $29 million in local taxes, pay $8
million in local salaries, and earn landowners more than $20 million. At the
height of construction, the Settlers Trail Wind Farm project brought more than
200 jobs to the area.


editor@greentechlead.com