Irish renewable energy company Airtricity said on Tuesday it had secured $85 million in equity funding to help develop its Sand Bluff wind farm project near Big Spring, Texas.
“We are pleased to have entered into this equity financing with investors led by JPMorgan Capital Corporation,” Airtricity Chief Executive Eddie O’Connor said in a statement.
Airtricity said its 90 megawatt Sand Bluff wind farm, which is under construction, was expected to start commercial operation during the second quarter of 2007.
The deal is the latest in a series of agreements to secure funding for a number of wind farms planned by privately owned Airtricity, in the United States, Ireland and the UK.
Other investors in the company include Irish infrastructure and utility firm NTR Plc and UK investment and advisory group Ecofin.
Airtricity, which in June announced a $550 million deal to buy over 300 GE (GE.N: Quote, Profile, Research) wind turbines, said in July it was looking to raise 60 million euros ($76 million) in new equity on top of 250 million euros ($317 million) secured the month before.
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