EON SE (EOAN), Germany’s largest utility, sold a stake in its Anacacho wind farm in Texas to JPMorgan Chase & Co. for $76.6 million and a commitment for future funding.
The bank bought a “partial interest” and will make further capital contributions, EON Climate & Renewables North America, a subsidiary of the Dusseldorf-based company, said in a statement today. Matt Tulis, an EON spokesman, declined to say how large a stake was sold.
The tax-equity financing gives JPMorgan a share of the project’s 2.2 cents a kilowatt-hour production tax credit, Tulis said by phone.
The 99-megawatt project, located in Kinney County, Texas, consists of 55 Vestas Wind Systems A/S (VWS) 1.8-megawatt turbines and started operating in December.
To contact the editor responsible for this story: Reed Landberg at email@example.com