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EON Gets $150 Million in Financing for Illinois Wind Farm

EON AG, Germany’s largest utility, received $150 million in Bank of America Corp. equity financing for a 150-megawatt wind farm in eastern Illinois.

Bank of America received a stake in the Pioneer Trail Wind Farm in Ford and Iroquois counties, Dusseldorf, Germany-based EON said today in a statement. The utility didn’t say how much of the project is now owned by the financial company.

The investment is part of Bank of America’s 10-year, $20 billion effort to support “environmental business,” Todd Karas, president of Banc of America Public Capital Corp., said in the statement.

Pioneer Trail began operating in December and produces enough electricity to power more than 45,000 homes, Matt Tulis, a spokesman for the utility’s EON Climate & Renewables North America unit, said in an interview. He wouldn’t say how much the project cost. It has 94 General Electric Co. 1.6 megawatt turbines.

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