Horizon Wind Energy, the U.S. unit of Portuguese clean energy company EDP Renováveis (EDPR), has secured a $90 million equity financing from Dallas-based JPM Capital for an undisclosed stake in Horizon’s 101 megawatts Lost Lakes Wind Farm, which went live this month in Dickinson County, Iowa.
With this investment JPM Capital will access the stimulus-funded cash grants that the farm is expected to receive in lieu of tax credits, in effect securing a lump of cash backed by the U.S. government.
This is the second such deal between JPM Capital and Horizon. In September the Dallas investment fund paid Horizon a little more than a $100 million for a stake in the 100.5-megawatt Rail Splitter wind farm in central Illinois.
In the U.S. Horizon oversees 3.4 gigawatts of wind development. In November, parent company Energias de Portugal (EDP) pledged a $4bn investment in new US wind projects over the next two years.
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