E.ON Climate & Renewables closes financing for Anacacho Wind Farm J.P. Morgan invests in 100 MW project
CHICAGO, July 29, 2013 /PRNewswire/ -- E.ON Climate & Renewables (EC&R) North America announced today it has secured institutional equity financing for approximately $76.6 million and a commitment to fund further capital contributions from JPM Capital Corporation (J.P. Morgan) in exchange for a partial interest in EC&R's Anacacho Wind Farm.
"We're delighted to build on our relationship with a first-class financial services firm like J.P. Morgan," said Dr. Verena Volpert, Senior Vice President Finance, E.ON SE. "We continue to find strong synergies between our operating and their investment philosophies."
The project, located in Kinney County, Texas, is approximately 14 miles southeast of Brackettville and consists of 55 Vestas 1.8 megawatt (MW) turbines providing 100 MW of power. Anacacho Wind Farm began commercial operation in December.
"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, Chairman, EC&R North America. "Success with our Anacacho Wind Farm and the support from the project finance community provides additional capital that can be used in our project development activities."
This project is expected to generate more than $17 million in local taxes, pay $8 million in local salaries, and earn landowners more than $34 million. Anacacho Wind Farm represents the largest business investment in Kinney County since the railway was built there in the 1880s.
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.
Matt Tulis, Communications Manager, EC&R North America
SOURCE E.ON Climate & Renewables