E.ON Climate and Renewables receives more funding for Texas wind projectNovember 6, 2012
E.ON Climate and Renewables wind project could help Texas economy
E.ON Climate and Renewables, one of the world’s largest owners of alternative energy projects, has announced that it has secured institutional equity accounting for approximately $167 million. Some of this money will go toward the companies various alternative energy projects, but $55 million of it has been set aside specifically for an ambitious wind energy project in Texas. This project could produce some 203 megawatts of electrical power and bring a significant boost to the state’s labored economy.
Funds will help expedite completion of project
The wind energy project is located in Willacy County and began operating in September of this year. The project is not yet completed, but when it is, E.ON Climate and Renewables suggests it will produce enough energy to power 60,000 average homes throughout the state. The funds will help expedite completion and maintenance of the project. Once fully completed and allowed a chance to mature, the wind energy project could bring significant economic benefits to Texas.
Wind farm could produce $53 million in taxes and $12 million in salaries
E.ON Climate and Renewables suggests that the project could generate more than $53 million in taxes to Willacy County and $12 million in salaries for workers. Because some of the wind turbines are located on private land, the project could net participating landowners more than $87 million in revenue. Construction on the project is winding down, so jobs are beginning to shed, but E.ON Climate and Renewables believes there is still work to be had.
Texas boasts of high wind energy capacity
Texas has emerged as a leader in onshore wind energy farms. The state boasts of a wind energy capacity that is only surpassed by countries that are investing heavily in offshore projects. The state has been eager to adopt various forms of alternative energy, but has put a great deal of focus on both wind and solar power. Like other states in the U.S., Texas has ambitious emissions and sustainability goals that it hopes to meet within the coming years and alternative energy may help it meet those goals.