Liberty Utilities, a subsidiary of Algonquin Power and Utilities, is collaborating with JPMorgan Chase on the Shady Oaks II wind project in Lee County, Illinois.
JPMorgan Chase has agreed to purchase almost 70% of the clean energy generated by the 108MW wind farm, the company’s largest contribution to its 100% renewable energy commitment to date.
JPMorgan Chase Operational Sustainability head Brian DiMarino said: “Climate change continues to present a growing set of challenges to businesses and communities around the world.
“JPMorgan Chase is committed to facilitating the transition to a lower-carbon economy by advancing sustainable solutions for our clients and our own operations.
“Not only will this collaboration help us to meet our 100% renewable energy commitment and enable the construction of a new wind farm, but it also helps stabilize the future cost of our energy consumption in the region.”
The Shady Oaks II wind project will be equipped with 22 wind turbines and generate enough energy to power 32,800 homes in the US a year.
Construction works at the wind farm site began in May.
The project is expected to create more than 100 full-time jobs during its construction phase.
Once operational, the wind facility will offset greenhouse gas emissions and add to Illinois’ clean energy footprint.
It is expected to contribute up to around $1.2m a year in the form of property tax revenue for the local county.
The wind facility is also expected to supply around 350,000MWh of clean energy to the US grid a year.
Algonquin Renewable Generation Wind senior vice-president Brenda Marshall said: “We’re extremely pleased to partner with JPMorgan Chase, a global leader in the finance industry and a sustainability-focused company that is as passionate as we are about advancing renewable energy solutions.
“Shady Oaks II is an important contributor to our goal of continuing to add low-cost renewable generation capacity into our supply mix and supports our commitment to leading the change to a greener, cleaner planet.”