Algonquin Power & Utilities building 108-MW wind farm under PPA with JPMorgan Chase
A unit of East Coast renewable power generator Algonquin Power & Utilities Corp. is working on a new wind power project in Illinois.
The 108-MW Shady Oaks II wind project is a collaboration of Liberty, a part of Algonquin, and JPMorgan Chase. Construction began this spring on the wind farm to feature 22 wind turbines in Lee County, Ill.
JPMorgan Chase will purchase approximately 70% of the wind farm’s energy output, which will serve as the largest contribution to date toward JPMorgan Chase’s 100% renewable energy commitment, supplying the equivalent of about 14 percent of its global power needs. Shady Oaks II is expected to generate close to 350,000 MWh of electricity per year.
“We’re extremely pleased to partner with JPMorgan Chase, a global leader in the finance industry and a sustainability-focused company that is as passionate as we are about advancing renewable energy solutions,” said Brenda Marshall, Senior Vice President, Renewable Generation – Wind for Algonquin. “Shady Oaks II is an important contributor to our goal of continuing to add low-cost renewable generation capacity into our supply mix and supports our commitment to leading the change to a greener, cleaner planet.”
The U.S. Energy Information Administration recently reported that some 2.8 GW of wind power capacity was connected to the grid in the second quarter.
Algonquin is the parent company for Liberty and owns several renewable energy projects in North America. It owns, operates or has an interest in close to 4 GW of clean energy capacity overall.
JPMorgan Chase is a global financial services firm with assets of $3.7 trillion and operations worldwide.
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Source: Renewable Energy