E.ON Climate & Renewables North America (EC&RNA) and GE Energy Financial Services announced that it has secured approximately $222 million in institutional equity financing and commitments to fund future capital contributions from Bank of America Merrill Lynch (BofA Merrill) and JPM Capital Corporation (JPMCC), in exchange for partial interest in the Grandview Wind Farm, LLC (Grandview).
Located in Carson County, 26 miles east of Amarillo, Texas, Grandview was formed as a joint venture between EC&RNA and GE Energy Financial Services. The 211MW wind farm has 118 GE 1.7-100 turbines and can create enough electricity to power approximately 64,000 homes. EC&RNA has developed 2.7GW of wind projects in the United States since 2005.
"Wind farms such as Grandview produce clean, reliable, affordable energy for many years," said Steve Trenholm, chairman, E.ON Climate & Renewables North America. "Equally important, projects like these create much needed immediate and long-term economic impact through temporary and permanent jobs and increased tax revenue to rural areas."
"We are pleased to join with our partner E.ON and welcome BofA Merrill and JPMCC as investors in the Grandview project," said David Nason, CEO of GE Energy Financial Services.
A team of 300 construction workers completed the Grandview project, and 20 personnel, including skilled technicians, are stationed on-site day-to-day. During the next 25 years, Grandview is projected to generate more than $43 million in property taxes for Carson County. This additional revenue will support essential county services and local schools.