Liberty, a subsidiary of Algonquin Power & Utilities Corporation, announced today its partnership with JPMorgan Chase on the Shady Oaks II wind project worth 108 MW, which is estimated to add about 350,000 MWh of renewable energy to the US grid each year. JPMorgan Chase will buy over 70 percent of the wind farm’s total energy, making it the biggest contribution to JPMorgan Chase’s 100 percent renewable energy pledge to date, supplying the comparable of about 14% of the bank’s global power demands.
The 22-turbine Shady Oaks II facility in Lee County, Illinois, represents a huge opportunity to mitigate greenhouse gas emissions, aid in the shift to a lower-carbon economy, and contribute to the expansion of Illinois’ green power footprint. The wind farm is planned to provide enough energy to power 32,800 US households per year, invest capital into a community by assisting local landowners, and bring in up to $1.2 million in property tax revenue each year for the local county.
Brenda Marshall, who serves as the Senior Vice President in charge of the Renewable Generation – Wind for Algonquin, said, “We’re really happy to join with JPMorgan Chase, a world leader in the banking industry and a sustainability-focused firm that is as passionate as we are about pushing renewable energy solutions.” “Shady Oaks II is a critical component of our goal of extending to add the low-cost renewable energy capacity to our supply mix, and it demonstrates our commitment to spearheading the transition to a greener, cleaner world.”
“Climate change continues to pose an increasing number of problems to businesses and people around the world,” stated Brian DiMarino, JPMorgan Chase’s Head of Operational Sustainability. “JPMorgan Chase is dedicated to assisting the shift to the lower-carbon economy by developing sustainable solutions to clients and internal operations. This agreement will not only help us accomplish our commitment to 100% renewable energy and enable the development of a modern wind farm, but it will also assist in stabilizing the potential cost of our energy usage in the future “Area.” Shady Oaks II, located about 50 miles west of Chicago, started construction in May of this year.
Liberty’s parent company, Algonquin Power & Utilities Corporation, is a diversified worldwide generation, transmission, as well, as distribution utility with total assets of over $16 billion. Algonquin’s two business groups, the Renewable Energy Group and the Regulated Services Group, are dedicated to providing proper, secure, dependable, cost-effective, and viable energy and water solutions to over one million client connections, primarily in the United States and Canada, through their portfolio of electric transmission, generation, and distribution utility investments. Via its network of long-term leased wind, solar, and hydropower generating plants, Algonquin is an international leader in renewable energy. More than 4 GW of developed renewable energy capacity is owned, operated, or has net interests in Algonquin.