North American Windpower: E.ON Sells Half Of Its U.S. Wind Energy Capacity To Pension Fund

E.ON Sells Half Of Its U.S. Wind Energy Capacity To Pension Fund

in News Departments > Projects & Contracts

by NAW Staff on Monday 08 October 2012

Germany-based E.ON has sold half of its U.S. wind power capacity to Danish pension fund PensionDanmark. The transaction involves the following wind farms:

Papalote Creek I (Texas), 180 MW, 109 Vestas wind turbines;
Papalote Creek II (Texas), 200 MW, 87 Siemens wind turbines; and
Stony Creek (Pennsylvania), 53 MW, 35 GE wind turbines.

This is PensionDanmark's first investment in U.S. wind farms. The company will acquire a 50% ownership share in the projects, and E.ON will be responsible for the day-to-day operation of the wind farms.

Ninety percent of the power generated by the projects will be sold under fixed-price power purchase agreements running for another 15 years. The wind farms supply approximately 120,000 households with power, according to E.ON.

The final transaction is subject to regulatory approval and certain financing arrangements. According to Marcus Schenck, E.ON’s chief financial officer, more transactions are likely to follow.

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