BlackRock Inc. (BLK), the world’s biggest money manager, bought a majority stake in a 68-megawatt wind farm in Texas developed by closely held OwnEnergy Inc.
Construction on the Windthorst-2 project is scheduled to begin this month, and OwnEnergy, which is retaining a minority stake, will oversee operations when it begins generating electricity next year, according to a statement today.
Morgan Stanley (MS) is providing construction funding for the power plant, which will use 28 2.3-megawatt turbines produced by Siemens AG (SIE), according to the statement. JP Morgan Chase & Co. provided equity financing.
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