US-based renewable energy firm First Wind has transferred majority stakes for its 105MW Palouse wind farm in Washington and the 150MW Route 66 project in Texas to J.P. Morgan Asset Management.
Located near Oakesdale town, the Palouse wind farm is equipped with 58 Vestas V100 1.8MW turbines and started commercial operations in December 2012.
Power output from the project connects to the Avista 230kV Benewah-to-Shawnee transmission line. Avista is purchasing the generated wind power from the project, which is enough to meet the energy requirements of 30,000 homes in eastern Washington.
On the other hand, the Route 66 wind farm is under construction near Amarillo in Texas.
Scheduled to be operational by 2015, the plant will be equipped with 75 Vestas V110 2MW turbines.
With the capacity to power 49,000 homes, the project will deliver clean energy to the Electric Reliability Council of Texas (ERCOT) power markets through the newCompetitive Renewable Energy Zone (CREZ) transmission system.
First Wind will continue with its operation and management services for both the projects even after the J.P. Morgan acquisition.
First Wind CEO Paul Gaynor said: "Attracting strong investors, such as those advised by J.P. Morgan Asset Management, reinforces that First Wind is building high-value, financially viable projects.
"This transaction also provides First Wind capital to continue our efforts to develop and build new clean energy projects.
"First Wind will continue to operate the projects, as we grow our operations capabilities.
"We will continue to focus on serving our local communities in Washington and Texas, while generating cost-competitive clean energy to homes and businesses."
J.P. Morgan Asset Management Global Real Assets CIO of OECD Infrastructure Matt LeBlanc said: "These are high-quality projects, exhibiting solid financial and operating fundamentals, that we anticipate will produce stable and growing yields and total returns for our investors over the long-term."