E.ON Climate & Renewables (EC&R) North America announced it has secured institutional equity financing for approximately $76.6 million and a commitment to fund further capital contributions from JPM Capital Corporation (J.P. Morgan) in exchange for a partial interest in EC&R's Anacacho Wind Farm.
"We're delighted to build on our relationship with a first-class financial services firm like J.P. Morgan," said Dr. Verena Volpert, Senior Vice President Finance, E.ON SE. "We continue to find strong synergies between our operating and their investment philosophies."
The renewable energy project, located in Kinney County, Texas, is approximately 14 miles southeast of Brackettville and consists of 55 Vestas 1.8 megawatt (MW) turbines providing 100 MW of power. Anacacho Wind Farm began commercial operation in December.
"Wind farms generate clean, affordable, homegrown electricity, creating jobs and providing an economic shot in the arm to farmers, ranchers and rural communities across America," said Steve Trenholm, Chairman, EC&R North America. "Success with our Anacacho Wind Farm and the support from the project finance community provides additional capital that can be used in our project development activities."
This project is expected to generate more than $17 million in local taxes, pay $8 million in local salaries, and earn landowners more than $34 million. Anacacho Wind Farm represents the largest business investment in Kinney County since the railway was built there in the 1880s.