E.ON Climate & Renewables Secures $223.6 Financing for Texas Wind Farm
Clean Edge News
E.ON Climate & Renewables North America announced recently it has secured institutional equity financing of approximately $167.7 million and a commitment to fund expected capital contributions of approximately $55.9 million from a group of investors that includes JPM Capital Corporation and Wells Fargo Wind Holdings in exchange for a partial interest in EC&R’s recently completed Magic Valley Wind Farm. J.P. Morgan acted as lead investor in the financing.
The project, the first wind farm in Willacy County, Texas, started operations in September and is located 5 miles east of Raymondville. The wind farm consists of 112 Vestas 1.8 megawatt turbines providing more than 203 megawatts (MW) of power—enough to provide clean power to more than 60,000 households. 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.