E.ON secures financing for Anacacho Wind Farm in US

29 July 2013 (Last Updated July 29th, 2013 18:30)

E.ON Climate & Renewables (EC&R) North America has received institutional equity financing for about $76.6m from JPM Capital (JP Morgan), for its EC&R's Anacacho Wind Farm in the US.

Wind turbine

E.ON Climate & Renewables (EC&R) North America has received institutional equity financing for approximately $76.6m from JPM Capital (JP Morgan), for its EC&R's Anacacho Wind Farm in the US.

As part of the financing deal, JP Morgan will acquire a partial interest in the wind farm, which began commercial operation in December 2012.

Situated in Kinney County, Texas, around 14 miles south-east of Brackettville, the farm features 55 Vestas turbines of 1.8MW each and provides 100MW of power that will be enough to provide clean power to more than 30,000 households.

E.ON said the project is anticipated to generate more than $17m in local taxes, pay $8m in local salaries, and earn landowners more than $34m.

E.ON SE senior vice-president for Finance Verena Volpert said the company is happy to build a relationship with a first-class financial services firm like JP Morgan.

"E.ON said the project is anticipated to generate more than $17m in local taxes, pay $8m in local salaries, and earn landowners more than $34m."

EC&R North America chairman Steve Trenholm said, "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.

"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."

In May 2013, EC&R selected GE to provide operations and maintenance services for 819 wind turbines installed at eight projects in four US states.


Image: The wind farm will produce energy for 30,000 households. Photo: courtesy of FreeDigitalPhotos.net.

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