US financial group J.P Morgan has provided $76.6m financing for E.ON Climate & Renewables’ (EC&R) Texas-based Anacacho wind farm, taking a partial interest in the project.
The agreement includes a commitment to fund further capital contributions.
The project, located in Kinney County, consists of 55 Vestas 1.8MW turbines, with an output of around 100MW.
The windfarm began commercial operation in December 2012, representing the largest business investment in the area in over a century.
E.ON SE senior vice president finance Dr Verena Volper, said, ‘We continue to find strong synergies between our operating and their investment philosophies.’
EC&R, headquartered in Düsseldorf, Germany, is the global renewable arm of E.ON group, investing €8bn in renewable projects to date and operating over 9GW of renewable capacity.
It is expected that $17m will be generated in local taxes through the project as well as $8m in local salaries, while it is projected to earn landowners $34m.
Steve Trenholm, EC&R North America chairman, added, ‘Success with our Anacacho wind farm and the support from the finance community provides additional capital that can be used in our project development activities.’
Earlier this week, J.P Morgan was accused by US Federal Energy Regulatory Commission of manipulating energy markets. They deny any wrongdoing.
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