ELWOOD — The world’s largest electric utility has sold 80 percent of its ownership in the Wildcat Wind Farm.
E.ON Climate & Renewables, based in Dusseldorf, Germany, sold the majority of its ownership in the 202-megawatt wind farm with 126 turbines that stretch into Madison County near Elwood. The majority holder is Enbridge, a Canadian energy delivery company.
The value of the sale is estimated at $650 million.
Larry Springer, a spokesperson for Enbridge in Houston, Texas, said the agreement to purchase ownership in the Wildcat Wind Farm also includes a majority ownership of a 203-megawatt Magic Valley wind farm in Texas.
While plans to sell ownership and details were reached between the two companies in late November, the transaction is subject to approval by the Federal Energy Regulatory Commission.
“We anticipate closing very early in January, but we can’t close until we have all the approvals,” Springer said.
In 2009, the Madison County Commissioners approved an ordinance setting land use standards for wind farms. Madison County Commissioner John Richwine said E.ON is not required to obtain approval for the change in ownership at the county level.
Both the wind farm near Elwood and the wind farm in Texas were completed by E.ON in 2012 and have the capacity to produce energy for more than 120,000 homes. Springer said Enbridge is increasing its renewable energy assets to offset energy the company uses to pump crude oil through its pipelines.
“We have made a public commitment to offset the energy and plan to have a neutral footprint by 2015,” he said.
Enbridge is the world’s largest owner of crude oil pipelines and has facilities in Griffith and Schererville located south of Hammond.
“This wind farm opportunity was very attractive to us because we have a pipeline in that region,” Springer said.
E.ON will continue to be the operator of the Wildcat Wind Farm under the direction of Enbridge.
“Everything is going to continue as it has,” Springer said. “There will be a change in signage, but E.ON will continue operations. As an operator they have a great reputation and we are convinced this is going to be a good partnership with this builder/operator.”