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JPMorgan, Wells Fargo affiliates to invest in 3 NextEra wind projects

NextEra Energy Inc. is planning to sell its 100% nonmanaging class B membership interests in its three planned wind facilities to affiliates of JPMorgan Chase & Co. and Wells Fargo & Co., according to an Oct. 3 application to the Federal Energy Regulatory Commission.

Under the transaction, JPM Capital Corp. and Wells Fargo Central Pacific Holdings Inc., or their affiliates, will become tax equity investors in the 89.66-MW Cottonwood project in Webster County, Neb., the 120-MW Bluff Point project in Jay and Randolph counties, Ind., and the 46-MW Golden Hills North project in Alameda County, Calif.

Cottonwood holds five long-term power purchase agreements for its entire output: a 25-year contract for 40.59 MW with the city of Fremont, Neb.; a 25-year contract for 2.38 MW with the city of Wayne, Neb.; a 25-year contract for 15 MW with the Northeast Nebraska Public Power District; a 15-year contract for 15.59 MW with South Sioux City, Neb.; and a 25-year contract for 16.1 MW with the city of Beatrice, Neb.

Bluff Point is contracted to sell power to American Electric Power Co. Inc. subsidiary Appalachian Power Co. under a long-term PPA, while Golden Hills North holds a long-term PPA with the Sonoma Clean Power Authority.

FERC is requested to approve the transaction by Nov. 20. (FERC docket EC18-1)