E.ON Climate & Renewables finalizes equity financing for Illinois Wind Farm
CHICAGO, June 4, 2012 /PRNewswire/ — E.ON Climate & Renewables (EC&R) North America announced today it has secured $150 million of institutional equity financing from Bank of America Merrill Lynch in exchange for a partial interest in its Pioneer Trail Wind Farm.
“We welcome Bank of America Merrill Lynch as an investor in our Pioneer Trail Wind Farm,” said Steve Trenholm, CEO, EC&R North America. “This transaction demonstrates EC&R’s commitment to boosting local economies and plays a major role in promoting clean, affordable, homegrown energy.”
The project, located in Ford and Iroquois counties, Ill., is located 4 miles west of Paxton and consists of 94 GE 1.6 megawatt turbines providing more than 150 megawatts (MW) of power–enough to supply clean power to more than 45,000 households in the central Illinois region using North American made turbines, blades and towers.
“EC&R closely analyzes the specific aspects of each project to find a customized transaction tailored for the best fit,” said Dr. Verena Volpert, Senior Vice President Finance, E.ON AG. “We look forward to a mutually beneficial long-term relationship with BofA Merrill.”
This project is expected to generate more than $29 million in local taxes, pay $8 million in local salaries, and earn landowners more than $50 million. The Pioneer Trail Wind Farm is the 15th operational wind farm in North America for EC&R, giving the company more than 2,200 MW online.
“Our investment in the Pioneer Trail Wind Farm is another step in Bank of America’s 10-year, $20 billion environmental business commitment,” said Todd Karas, president of Banc of America Public Capital Corp, which includes BofA Merrill’s Renewable Energy Finance group. “E.ON is a significant BofA Merrill institutional client, and we are pleased to have expanded our relationship through this renewable energy project that also supports the local Illinois economy.”
E.ON Climate & Renewables (EC&R) is responsible for the E.ON group’s renewable energy and environmental protection activities around the world. Tapping renewable energy sources offers enormous alternatives, both from a business perspective and for the environment. E.ON Climate & Renewables will be investing euro 7 billion in renewable energy and environmental protection projects over the next five years to expand the share of renewable energy in E.ON’s portfolio for the long term. E.ON has thus taken a leading role in developing renewable energy sources worldwide. For more information, please visit www.eon.com/renewables.
About Bank of America
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, a locally registered entity. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON AG does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.
Matt Tulis, Communications Manager, EC&R NA
SOURCE E.ON Climate & Renewables