E.ON Climate & Renewables Closes Tax Equity Financing for Bruenning's Breeze Wind Farm
Feb. 2, 2018
CHICAGO, Feb. 5, 2018 -- E.ON announced today the successful tax equity financing of its 228 megawatt (MW) Bruenning's Breeze wind farm in Willacy County, Texas.
A subsidiary of JPMorgan Chase & Co. and an undisclosed investor provided tax equity financing in exchange for a partial interest in the Bruenning's Breeze project. The project achieved commercial operation and closing of tax equity in December 2017.
"We are delighted to expand our constructive partnership with the investors in our Bruenning's Breeze project," said Dr. Verena Volpert, Senior Vice President, Group Finance, E.ON SE. "The tax equity financing of Bruenning's Breeze marks E.ON`s 10th tax equity financing since the market re-opened in 2011, financing more than 2 GW in nameplate capacity."
Located in Willacy County, Texas, Bruenning's Breeze is a 228 MW wind farm comprised of 76 Acciona AW-125 3.0 MW turbines that can create enough electricity to power approximately 75,000 homes. Since 2005, E.ON has developed more than 3 gigawatts of wind projects in the United States.
"Wind farms such as Bruenning's Breeze produce clean, reliable, and affordable homegrown American energy for many years," said Patrick Woodson, Chairman, E.ON 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 appreciate the assistance of our landowners and area officials leading up to the commercial operation of Bruenning's Breeze."
A team of more than 250 construction workers completed the Bruenning's Breeze project, and 14 personnel, including skilled technicians, are stationed on-site day-to-day. During the next 25 years, Bruenning's Breeze is projected to generate more than $57 million in property taxes for Willacy County. This additional revenue will support essential county services and local schools.
E.ON is an international investor-owned energy company, focusing entirely on energy networks, customer solutions and renewables. In the 2016 financial year, more than 40,000 employees from 90 nations generated sales of around $42 billion. Around 33 million customers purchase gas and electricity from E.ON. Within the global renewables segment E.ON is a leading company. The company has already invested more than $11 billion and operates nearly 5.4 gigawatts of renewable capacity.