The Herald Bulletin

Morning Update

Local Business

April 1, 2013

Banks buy stake in Wildcat Wind Farm

E.ON Climate & Renewables hopes a new set of investors will help it capitalize on a federal tax subsidy for the 200-megawatt Wildcat Wind Farm.  

Last week, it said it had secured nearly $175 million in tax equity financing, via investors that include JPM Capital Corp. — a.k.a. J.P. Morgan — and Wells Fargo Wind Holdings LLC.

In exchange for their stake in the project, the companies bought the farm’s federal wind energy tax credits — 2.2-cents per kilowatt generated — which otherwise would have gone unused, said E.ON spokesman Matt Tullis.

“We don’t have enough of a tax liability,” he said. “This is a way for us to gain some extra capital.”

The turbines in phase one, which straddles the county line between Madison and Tipton, were commercially operational by Dec. 8.

E.ON expects them to generate more than $31 million in local taxes, $11 million in local salaries and earn landowners more than $73 million. At the height of construction, the project brought more than 200 jobs to the area.

In other news, there’s a chance E.ON might move forward with two more phases of the Wildcat project, although nothing’s set in stone yet.

Phase two would involve building 40 to 60 turbines, producing at least 100 megawatts of electricity per year — enough to power around 40,000 homes. Phase three would see 40 to 75 new turbines, producing somewhere between 100 to 130 megawatts.

The new turbines would be located in Howard and Grant counties and could be operating by 2014, said development manager Andy Melka. They would pump power into the grid through substations southwest of Swayzee or in Greentown.

Before the project can move forward, there are still a lot of moving targets, Melka said.

“There’s still a lot of work to be done,” he said, including environmental studies, choosing a turbine model, engineering and speaking with landowners.

He said E.ON also needs to decide whether it will see enough profit from its investment, which could be as much as $200 million for each additional phase. Phase one cost about $400 million.

Both counties have approved road and economic development, decommissioning, tax abatement and other agreements that would help the project move on.

Find Baylee Pulliam on Facebook and @BayleeNPulliam on Twitter, or call 648-4250.

1
Text Only
Local Business
  • Comcast employees volunteer to help Habitat for Humanity On Saturday, from 8 a.m. to 12:30 p.m., Madison County Habitat for Humanity members will work with more than 30 Comcast employees, families and friends to beautify the grounds and participate in light interior remodeling.

    April 23, 2014

  • NWS - HB01006 - snow storm - JC 59a FEMA approves disaster aid for 19 counties

    After initially rejecting Indiana's request for federal aid following a brutal winter, the Federal Emergency Management Agency approved disaster relief on Tuesday.

    April 23, 2014 1 Photo

  • NWS - HB0420 - Ellks - JC 2a Rezoning approved for Elks Lodge building With no objections from surrounding property owners, the former Elks Lodge at 1803 Broadway has been rezoned for a planned banquet hall and catering service.

    April 22, 2014 1 Photo

  • life saver.jpg Man credited with saving life says he was doing his job

    When Richard Goff walked into Louis Moyer's home, he smelled gas.

    April 22, 2014 1 Photo

  • Housing complex to open for homeless veterans in Kokomo Jackson Street Commons is Kokomo’s new $3.6 million facility providing permanent housing to 27 previously homeless veterans.

    April 21, 2014

  • Charo Boyd mug [Duplicate] Charo Boyd: Social Security goes green on Earth Day and every day For years, Social Security has been at the forefront of offering convenient, easy-to-use, and secure online services. We, along with those we serve, have saved a lot of paper, shipping costs, and fuel — and cut back on a lot of carbon exhaust and pollution — by going online instead of doing things the old-fashioned, less efficient way.

    April 20, 2014 1 Photo

  • NWS - HB0420 - CATS Buses-09 City to replace CATS fleet With 7-year-old city buses registering 250,000 miles, Anderson is looking to replace its aging transportation fleet.

    April 20, 2014 1 Photo

  • NWS - HB0420 - Funderburk - 04 Man tries to restore father's tainted legacy at dental clinic

    When news broke earlier this month that the Anderson Dental Clinic had been shut down and several employees, including owner Sally Metzner, had been arrested, Mark Funderburk's main concern was the patients. "A lot of them kept going there because of my dad even after he passed away," he said. "And they didn't deserve this."

    April 19, 2014 1 Photo

  • BIZ - HB0420 - Scott wise -TM Gaining an edge and spreading the word in 2014 Scott owner of Scotty’s Brewhouse with locations in Indianapolis, Muncie, Mishawaka and Bloomington, encourages business owners to interact with customers and use powerful tools such as Twitter, Facebook or even with a blog to their advantage.

    April 19, 2014 1 Photo

  • BIZ - HB0420 - Amys Attic - TM Business Profile: Hidden treasures can be found here Amy's Attic Thrift Store, which opened April 1, offers a variety of different items including clothing, accessories, furniture, yard decorations and collectibles.

    April 19, 2014 1 Photo

Stocks
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide