As well a funding from local schools, the project will be funded by a public/private partnership between DPS, the government and business-backed non-profit organisation Greater Lafayette Commerce.
The farm could potentially provide $175m for participating schools and universities over the next 25 years, and local farmers will continue to grow crops on the land surrounding the turbines, according to Performance Services.
The local school corporation is "actively pursuing" school board approval and funding to invest in the wind farm project, according to DPS.
Last month, three school districts in northeast Illinois announced they were forming a consortium to build a 19.5MW wind farm.
Community Unit District 300, Keeneyville Elementary School District 20 and Prospect Heights School District 23 have formed the School Wind Consortium Joint Action Renewable Energy Agency, according to District Administration magazine.
Legislation passed in June allows school districts to form consortia that issue bonds, the magazine said. This then enables the consortia to fund renewable energy projects.