E.ON, GE line up financing for 211-MW Grandview wind project

E.ON Climate & Renewables North America (EC&RNA) and General Electric‘s (NYSE: GE) GE Energy Financial Services unit said Jan. 29 that about $222m in institutional equity financing and commitments to fund future capital contributions have been lined up from Bank of America Merrill Lynch and JPM Capital Corp. in exchange for a partial interest in Grandview Wind Farm LLC.

The recently-commissioned Grandview project is located in Carson County, 26 miles east of Amarillo, Texas. Grandview Wind Farm LLC was formed as a joint venture between EC&RNA and GE Energy Financial Services. A 211-MW project, Grandview has 118 GE 1.7-100 turbines.

“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.

E.ON is one of the world’s largest investor-owned power and gas companies, with annual sales of 122 billion Euros and more than 62,000 employees. E.ON currently operates over 10 GW of renewable capacity including large hydro. Since its formation in 2007, EC&R has already invested more than 9.5 billion Euros and will continue to expand the share of renewable energy in E.ON’s power generation portfolio.

GE Energy Financial Services works as a builder, not just a banker, to help meet the world’s power and fuel needs. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $16bn in assets.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.