Bank of America Merrill Lynch (BofA Merrill) and JPM Capital Corporation (JPMCC) are investing $221.9 million in Grandview, enabling its developers, E.ON Climate & Renewables North America (EC&RNA) and GE Energy Financial Services, to reach financial close on the 211-megawatt (MW) wind project.
In exchange, BofA Merrill and JPMCC will acquire partial interests in the project that is located and already operating in Carson County, near Amarillo. EC&RNA did not disclose the specific percentage each investor will own. A spokesperson for the company did not respond to a request for comment.
“Wind farms such as Grandview produce clean, reliable, affordable energy for many years,” said Steve Trenholm, chairman of EC&RNA, a subsidiary of the renewable energy arm of German power and gas company E.ON.
“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.”
According to EC&RNA, 300 construction workers were employed during construction, while 20 people are required for its day-to-day operation. In addition, Grandview is expected to generate more than $43 million in property taxes for Carson County over the next 25 years.
The wind farm uses 118 GE turbines and has the capacity to power approximately 64,000 homes.