First Wind Holdings Inc., the renewable-energy developer being acquired by SunEdison Inc. (SUNE), agreed to sell a majority stake in two wind farms to JPMorgan Chase & Co.
JPMorgan Asset Management is buying into the 105-megawatt Palouse wind farm in Washington and the 150-megawatt Route 66 project in Texas, Boston-based First Wind said today in a statement. The size of the stakes and the prices weren’t disclosed.
Construction on Route 66 is expected to be complete next year. Palouse has been producing electricity since 2012, helping power about 30,000 homes in eastern Washington. First Wind will continue to operate both power plants.
The deal “provides First Wind capital to continue our efforts to develop and build new clean energy projects,” the developer’s Chief Executive Officer Paul Gaynor said in the statement.
SunEdison and its power-plant holding company TerraForm Power Inc. announced plans Nov. 17 to pay $2.4 billion for First Wind. The deal is expected to close in the first quarter.