CHICAGO, Jan. 29, 2015 /PRNewswire/ -- E.ON Climate
& Renewables North America (EC&RNA) and GE Unit (NYSE: GE)
GE Energy Financial Services today 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. A
211-megawatt wind farm, Grandview
has 118 GE 1.7-100 turbines that 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.
About E.ON
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 Climate & Renewables (EC&R),
headquartered in Essen, Germany,
is responsible for E.ON's large-scale renewable energy activities.
EC&R plays a leading role in the development of the renewable
industry worldwide and is already active in onshore and offshore
wind, and photovoltaic solar power. 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. For
more information, please visit http://www.eon.com/renewables.
About GE Energy Financial Services
GE Energy Financial
Services-GE's energy investing business-works as a builder, not
just a banker, to help meet the world's power and fuel needs. We
offer more than money-expertise-for essential, long-lived and
capital-intensive power, oil and gas infrastructure-GE's core
business. Drawing on GE's energy technical know-how, financial
strength and risk management, we see value where others don't and
take on our customers' toughest challenges with flexible equity and
debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial
Services holds approximately $16
billion in assets. More information:
www.geenergyfinancialservices.com. Follow GE Energy Financial
Services on Twitter: @GEEnergyFinServ.
About GE
GE (NYSE: GE) works on things that matter.
The best people and the best technologies taking on the toughest
challenges. Finding solutions in energy, health and home,
transportation and finance. Building, powering, moving and curing
the world. Not just imagining. Doing. GE works. For more
information, visit the company's website at www.ge.com.
MEDIA CONTACT:
Christopher Brown, Government
Relations & External Affairs manager, E.ON North America
312.714.0078 christopher.brown@eon.com
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SOURCE E.ON Climate & Renewables