JP MORGAN, WELLS, GE, MET LIFE BACK OKLAHOMA WIND

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

Andrew Herndon, June 6, 2012 (Bloomberg BusinessWeek)

“…JPMorgan Chase & Co. (JPM) (JPM), the largest U.S. bank, Wells Fargo & Co. (WFC) (WFC), Metropolitan Life Insurance Co. and General Electric Co. (GE) (GE)’s GE Capital unit will [provide $220 million in tax-equity financing for an Oklahoma wind farm] in the fourth quarter, Enel SpA (ENEL), the project developer, said…

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

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“The deal lets the investors receive a share of the tax benefits associated with Chisholm View…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 different GE unit agreed April 2 to purchase a 51 percent stake in the project. Rome-based Enel will own the remaining 49 percent…”

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