Greentech Lead America: E.ON Climate & Renewables
(EC&R) North America has secured institutional equity financing
of approximately $167.7 million from a group of investors that includes
JPM Capital Corporation (J.P. Morgan) and Wells Fargo Wind Holdings LLC (Wells
Fargo) for its Texas wind farm.
The company also secured a commitment to fund expected
capital contributions of approximately $55.9 million in exchange for
a partial interest in the recently completed Magic Valley Wind Farm.
J.P. Morgan acted as lead investor in the financing.
The project, the first wind farm in Willacy County,
Texas, started operations in September and is located 5 miles east
of Raymondville. The wind farm consists of 112 Vestas 1.8 megawatt
turbines providing more than 203 megawatts (MW) of power – enough to provide
clean power to more than 60,000 households.
This project is expected to generate more than $53
million in local taxes, pay $12 million in local salaries, and
earn landowners more than $87 million. At the height of construction, the
Magic Valley Wind Farm project brought more than 200 jobs to the area.
“Wind farms generate clean, affordable, homegrown
electricity, creating jobs and providing an economic shot in the arm to farmers,
ranchers and rural communities across America,” said Steve Trenholm,
CEO, EC&R North America. “J.P. Morgan and Wells Fargo are natural
partners due to their leadership and experience in the tax equity market.”