BofA Invests $177 million in NextEra Wind Farm

Bank of America invested $177 million in a tax-equity transaction associated with a wind farm developed by NextEra Energy Resources, LLC. The project is expected to qualify for a cash grant under section 1603 of the American Reinvestment and Recovery Act.

As part of the transaction, NextEra Energy also sold to B of A its Class B membership interests in White Oak Energy Funding LLC, a 150-megawatt wind-energy project located in Illinois.

A subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), NextEra Energy Resources is the largest generator in North America of renewable wind and solar energy. It also operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, the third largest in the U.S. NextEra Energy had revenues in excess of $15 billion in 2010, with 43,000 megawatts of generating capacity. The company has approximately 15,000 employees in 28 states and Canada.

The company competes with Progress Energy Inc. (NYSE:PGN) and Southern Company (NYSE:SO).

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Tags: Fundings , Wind

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