Bloomberg News

JPMorgan, Wells Fargo and MetLife Fund U.S. Wind Farm

June 14, 2012

JPMorgan, Wells Fargo, GE and MetLife to Fund Wind Farm

Signage stands outside JP Morgan Chase & Co. headquarters in New York. Photographer: Peter Foley/Bloomberg

(Corrects to remove reference to GE as investor in headline and second paragraph of story published June 6.)

JPMorgan Chase & Co. (JPM:US), the largest U.S. bank, led a group of investors that agreed to provide $220 million in tax-equity financing for an Oklahoma wind farm.

JPMorgan, Wells Fargo & Co. (WFC:US), and Metropolitan Life Insurance Co. will provide the funds in the fourth quarter, Enel SpA (ENEL), the project developer, said today in a statement.

The 235-megawatt Chisholm View wind farm is expected to begin producing power by the end of the year. It will use 140 General Electric Co. (GE:US) wind turbines and sell its output to Southern Co.’s Alabama Power utility for 20 years.

The deal lets the investors receive a share of the tax benefits associated with Chisholm View, according to the statement. That includes the production tax credit, which provides 2.2 cents a kilowatt-hour for power produced by wind.

The tax credit is scheduled to expire Dec. 31, though projects that enter operation before then will remain eligible.

A GE unit agreed April 2 to purchase a 51 percent stake in the project. Rome-based Enel will own the remaining 49 percent.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $60.24 USD
    • -0.09
    • -0.15%
  • WFC
    (Wells Fargo & Co)
    • $51.87 USD
    • 0.18
    • 0.35%
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