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United States

Horizon receives $141m Wells Fargo investment

US: Portugal's EDP Renováveis (EDPR) subsidiary Horizon Wind Energy has secured a $141million investment from Wells Fargo Wind Holdings for a share in the Vento III group of wind farms.

The capacity of the Vento III group totals 604MW and consists of three projects: Rattlesnake Road (103 MW), in Oregon, west of Arlington in Gilliam County; Meridian Way (201 MW), in north central Kansas in Cloud County; and Pioneer Prairie (300 MW), in north-eastern Iowa in Howard and Mitchell Counties.

Other Vento III investors include JPM Capital Corporation and New York Life Insurance. Additionally, at the end of last year GE Energy Financial Services invested $111million.

Earlier this year, EDPR signed a master supply agreement with Vestas for up to 2.1GW. According to EDPR, the contract with Vestas represents one of the largest turbine-supply contracts in the world.

EDPR says that Vestas was selected for being the competitor that could offer the greatest overall value, taking into account the short-term project pipeline of EDPR, as well as the company's strategic objectives.

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