E.ON Climate & Renewables (EC&R) North America announced yesterday that it had secured institutional equity financing of around $167.7 million dollars and a commitment to fund the expected capital contributions of nearly $55.9 million dollars for its 203MW wind farm project in Texas.
The financing was raised of from their investors in exchange for a partial interest in EC&R’s recently completed Magic Valley Wind Farm. These investors include JPM Capital Corporation (J.P. Morgan) and Wells Fargo Wind Holdings LLC (Wells Fargo). With J.P. Morgan acting as lead investor in the financing.
“We’re delighted to demonstrate continued success in the tax equity market and we’re pleased to show the attractiveness of our wind energy portfolio,” said Dr. Verena Volpert, Senior Vice President Finance, E.ON AG. “Working with an investor team that includes J.P. Morgan and Wells Fargo proves our ability to raise capital in a tax-efficient manner.”
The project is the first wind farm located in Willacy County, Texas. It began operating in September at its location about 5 miles east of Raymondville. The 203MW wind farm is composed of 112 Vestas 1.8 megawatt turbines and provides enough electricity to power more than 60,000 homes.
“This project is expected to generate more than $53 million in local taxes, pay $12 million in local salaries, and earn landowners more than $87 million. At the height of construction, the Magic Valley Wind Farm project brought more than 200 jobs to the area.”
Texas is a clear leader in wind power, with more wind power installed than all but a few countries. Though, less than about 10 other states as a percentage of their total electricity generation capacity.
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