E.ON Climate & Renewables (EC&R) North America has secured institutional equity financing of approximately $174.9 million and a commitment to fund further capital contributions from a group of investors that includes J.P. Morgan and Wells Fargo Wind Holdings LLC in exchange for a partial interest in EC&R's Wildcat I Wind Farm. J.P. Morgan acted as lead investor in the financing.
The project, located in Tipton and Madison counties, is EC&R's first wind energy project in Indiana and began commercial operation in December. The project 125 GE 1.6 MW turbines and provides more than 200 MW.
‘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,’ says Steve Trenholm, CEO of EC&R North America. ‘Our success with Wildcat I allows us to expand our relationship with two leaders in the tax equity market, J.P. Morgan and Wells Fargo.’
EC&R says it expects the project to generate more than $31 million in local taxes, pay $11 million in local salaries, and earn landowners more than $73 million. At the height of construction, the Wildcat I Wind Farm project brought more than 200 jobs to the area, the company adds.