NextEra Gets JPMorgan Financing for California Wind Farms

A NextEra Energy Inc. (NEE) unit raised $131 million in tax-equity financing from JPMorgan Chase & Co. (JPM) for three California wind farms.

In addition to the financing announced today, Nextera’s Golden Winds LLC expects to receive an additional $78 million from JPMorgan in early 2012, the Juno Beach, Florida-based power producer said in a statement. The projects have a total capacity of 205.9 megawatts.

Taking a stake in the wind farms entitles JPMorgan to apply a share of the projects’ tax credits to its own tax bill. They will enter operation this month or next, Steve Stengel, a NextEra spokesman, said today in an e-mail.

Golden Winds owns the 78.2-megawatt Montezuma II project in Solano County, the 78.2-megawatt Vasco wind farm in Contra Costa County and the 49.5-megawatt San Georgia project in Riverside County, according to a NextEra Dec. 6 filing with the U.S. Federal Energy Regulatory Commission.

PG&E Corp.’s Pacific Gas & Electric Co. utility will buy the output from Montezuma and Vasco. San Georgia has “several long-term power purchase agreements,” NextEra said in the filing, without naming the buyers.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.