E.ON Climate & Renewables closes financing for Panther Creek Wind Farm I&II,
- J.P. Morgan Invests $96.2 Million in 258 MW Wind Project
CHICAGO, Dec. 12, 2013
CHICAGO, Dec. 12, 2013 /PRNewswire/ --E.ON Climate & Renewables North America
(EC&R) announced today it has secured institutional equity financing for
approximately $96.2 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 Panther Creek I&II Wind Farm (Panther Creek).
This financing represents the 5^th transaction since December 2011 between
J.P. Morgan and EC&R. The total value of those transactions is in excess of a
half billion dollars. "The Panther Creek transaction complements E.ON`s
overall strategic objectives", said Dr. Verena Volpert, Senior Vice President
Finance, E.ON SE. "We`re delighted to see that our high-quality projects
continue to attract positive attention from first –class financial services
firms like J.P. Morgan."
Panther Creek is part of a billion-plus-dollar investment EC&R has made in the
Big Spring, Texas area since 2006. The projects are located in Howard,
Sterling and Glasscock Counties, Texas. Panther Creek's 172 GE 1.5 megawatt
turbines generate enough energy to power approximately 77,000 homes.
"Wind energy generates cleaner, better, energy at an affordable price," said
Steve Trenholm, Chairman, E.ON North America. "In addition, wind energy brings
economic development in the form of jobs and increased tax revenue to rural
areas like Big Spring. "
Panther Creek directly supports 20 employees including highly skilled
technicians. In the last five years Panther Creek has generated over $12
million in property taxes for Howard, Sterling and Glasscock Counties. The
revenue is used to support local schools as well as critical county services.
E.ON Climate & Renewables (EC&R)
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, photovoltaic, and concentrating
solar power (CSP). E.ON currently operates over 9 GW of renewable capacity
including large hydro. Since its formation in 2007, EC&R has already invested
more than 9 billion Euros, including more than $5 billion in the U.S solar and
wind facilities, and will continue to expand the share of renewable energy in
E.ON's power generation portfolio. For more information, please visit
Elon Hasson, Director External Affairs, E.ON North America
SOURCE E.ON Climate & Renewables
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