E.ON Climate & Renewables closes financing for Anacacho Wind Farm
J.P. Morgan invests in 100 MW project
CHICAGO, July 29, 2013
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
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
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