Algonquin Power & Utilities is a diversified international generation, transmission, and distribution utility with over $16 billion of total assets
Liberty, a part of Algonquin Power & Utilities Corp. (“Algonquin”) (TSX: AQN) (NYSE: AQN), announced today its collaboration with JPMorgan Chase (NYSE: JPM) on the 108 MW Shady Oaks II wind project that is expected to bring almost 350,000 MWh of clean energy to the U.S. grid per year. 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.
Located in Lee County, Illinois, the 22-wind turbine Shady Oaks II project represents a significant opportunity to offset greenhouse gas emissions, help advance a transition to a lower-carbon economy and contribute to the growth of Illinois’ clean energy footprint. The wind farm is expected to generate enough energy to power the equivalent of 32,800 U.S. homes per year; inject capital into the community by supporting local landowners; and contribute up to $1.2 million per year in property tax revenue for the local county.
“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.”
“Climate change continues to present a growing set of challenges to businesses and communities around the world,” said Brian DiMarino, Head of Operational Sustainability for JPMorgan Chase. “JPMorgan Chase is committed to facilitating the transition to a lower-carbon economy by advancing sustainable solutions for our clients and our own operations. Not only will this collaboration help us to meet our 100% renewable energy commitment and enable the construction of a new wind farm, but it also helps stabilize the future cost of our energy consumption in the region.”
Construction on Shady Oaks II, located approximately 50 miles west of Chicago, began in May of this year.
Source: Company Press Release