CHICAGO, Jan. 29, 2015 /PRNewswire/ -- E.ON Climate & Renewables North America (EC&RNA) and GE Unit (NYSE: GE) GE Energy Financial Services today announced that it has secured approximately $222 million in institutional equity financing and commitments to fund future capital contributions from Bank of America Merrill Lynch (BofA Merrill) and JPM Capital Corporation (JPMCC), in exchange for partial interest in the Grandview Wind Farm, LLC (Grandview).
Located in Carson County, 26 miles east of Amarillo, Texas, Grandview was formed as a joint venture between EC&RNA and GE Energy Financial Services. A 211-megawatt wind farm, Grandview has 118 GE 1.7-100 turbines that can create enough electricity to power approximately 64,000 homes. EC&RNA has developed 2.7GW of wind projects in the United States since 2005.
"Wind farms such as Grandview produce clean, reliable, affordable energy for many years," said Steve Trenholm, chairman, E.ON Climate & Renewables North America. "Equally important, projects like these create much needed immediate and long-term economic impact through temporary and permanent jobs and increased tax revenue to rural areas."
"We are pleased to join with our partner E.ON and welcome BofA Merrill and JPMCC as investors in the Grandview project," said David Nason, CEO of GE Energy Financial Services.
A team of 300 construction workers completed the Grandview project, and 20 personnel, including skilled technicians, are stationed on-site day-to-day. During the next 25 years, Grandview is projected to generate more than $43 million in property taxes for Carson County. This additional revenue will support essential county services and local schools.
E.ON is one of the world's largest investor-owned power and gas companies, with annual sales of 122 billion Euros and more than 62,000 employees. E.ON Climate & Renewables (EC&R), headquartered in Essen, Germany, is responsible for E.ON's large-scale renewable energy activities. EC&R plays a leading role in the development of the renewable industry worldwide and is already active in onshore and offshore wind, and photovoltaic solar power. E.ON currently operates over 10 GW of renewable capacity including large hydro. Since its formation in 2007, EC&R has already invested more than 9.5 billion Euros and will continue to expand the share of renewable energy in E.ON's power generation portfolio. For more information, please visit http://www.eon.com/renewables.
About GE Energy Financial Services
GE Energy Financial Services-GE's energy investing business-works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money-expertise-for essential, long-lived and capital-intensive power, oil and gas infrastructure-GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
Christopher Brown, Government Relations & External Affairs manager, E.ON North America
312.714.0078 [email protected]
SOURCE E.ON Climate & Renewables