E.ON Climate & Renewables North America has secured institutional equity financing for approximately $96.2 million and a commitment to fund further capital contributions from JPM Capital Corp. (J.P. Morgan) in exchange for a partial interest in E.ON's Panther Creek I&II Wind Farm.
Panther Creek, comprising 172 GE 1.5 MW turbines, is located in Howard, Sterling and Glasscock counties, Texas. The facility became operational in 2009. This financing represents the fifth transaction since December 2011 between J.P. Morgan and E.ON, which says the total value of those transactions is in excess of $500 million.
‘The Panther Creek transaction complements E.ON's overall strategic objectives,’ says Verena Volpert, senior vice president of finance for E.ON SE. ‘We're delighted to see that our high-quality projects continue to attract positive attention from first-class financial services firms like J.P. Morgan.’