JPMorgan Chase & Co., the largest U.S. bank, led a group of investors that agreed to provide $220 million in tax-equity financing for an Oklahoma wind farm.
JPMorgan, Wells Fargo & Co., and Metropolitan Life Insurance Co. will provide the funds in the fourth quarter, Enel SpA, the project developer, said today in a statement.
The 235-megawatt Chisholm View wind farm is expected to begin producing power by the end of the year. It will use 140 General Electric Co. wind turbines and sell its output to Southern Co.’s Alabama Power utility for 20 years.
The deal lets the investors receive a share of the tax benefits associated with Chisholm View, according to the statement. That includes the production tax credit, which provides 2.2 cents a kilowatt-hour for power produced by wind.
The tax credit is scheduled to expire Dec. 31, though projects that enter operation before then will remain eligible.
A GE unit agreed April 2 to purchase a 51 percent stake in the project. Rome-based Enel will own the remaining 49 percent.