EMG forms JV to invest in wind energy projects
Edison Mission Energy, a subsidiary of Edison Mission Group (EMG), has tied up with TIAA-CREF and Cook Inlet Region to form a new joint venture (JV) company to invest in wind energy projects in North America.
The new entity Capistrano Wind Partners will invest in wind projects to be acquired from EMG.
All the wind projects in the portfolio will be operational at the time of investment and will have long-term power sales agreements in place with electric utilities.
EMG companies currently own and operate a portfolio of 31 wind energy projects in commercial operation or under construction in 11 states with a generating capacity of nearly 2,000MW.
TIAA-CREF and CIRI will provide $460m as capital funding for the projects, which includes $238m for three operating wind projects.
The remaining balance of the commitment is expected to be invested over the next year