E.ON Climate & Renewables secures financing for Indiana wind farm
Friday, Mar 29, 2013
CHICAGO, March 27, 2013 /PRNewswire/ -- E.ON Climate & Renewables (EC&R) North America announced today it has secured institutional equity financing of approximately $174.9 million and a commitment to fund further capital contributions from a group of investors that includes JPM Capital Corporation (J.P. Morgan) and Wells Fargo Wind Holdings LLC (Wells Fargo) in exchange for a partial interest in EC&R's Wildcat I Wind Farm. J.P. Morgan acted as lead investor in the financing.
"We're delighted to demonstrate continued success in the tax equity market and we're pleased to show the attractiveness of our wind energy portfolio," said Dr. Verena Volpert, Senior Vice President Finance, E.ON SE. "Working with an investor team that includes J.P. Morgan and Wells Fargo proves our ability to raise capital in a tax-efficient manner."
The project, located in Tipton and Madison counties, is EC&R's first wind energy project in Indiana and began commercial operation in December. One hundred twenty-five GE 1.6 megawatt turbines provide more than 200 megawatts (MW) of power—enough to generate clean power to more than 60,000 households in the Midwest.
"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. "Our success with Wildcat I allows us to expand our relationship with two leaders in the tax equity market, J.P. Morgan and Wells Fargo."
This project is expected to generate more than $31 million in local taxes, pay $11 million in local salaries, and earn landowners more than $73 million. At the height of construction, the Wildcat I Wind Farm project brought more than 200 jobs to the area.
E.ON Climate & Renewables (EC&R) is responsible for the E.ON group's large-scale renewable energy activities around the world. Tapping renewable energy sources offers enormous alternatives, both from a business perspective and for the environment. E.ON Climate & Renewables has already invested €8 billion in renewable energy projects and will continue to expand the share of renewable energy in E.ON's power generation portfolio. E.ON has thus taken a leading role in developing renewable energy sources worldwide. For more information, please visit www.eon.com/renewables.
SOURCE E.ON Climate & Renewables