JP Morgan Chase, the leading global financial services firm, announced this Thursday it will collaborate with Liberty on a 108 megawatts wind farm. JP Morgan Chase will purchase 70% of the output of the farm.
Firstly, Liberty is part of Algonquin Power & Utilities Corp. It is part of its renewable energies companies portfolio, dedicated to the generation, transmission, and distribution utility investments to over one million customer connections in the U.S.
The collaboration is for the 108 MW Shady Oaks II wind project; which will bring almost 350,000 MWh of clean energy to the U.S. grid per year. Such output would be equivalent to power 32,800 U.S. homes per year.
The project will also generate benefits for the surrounding communities of Chicago, where it is located. It will inject capital into the community by supporting local landowners; and contribute up to $1.2 million per year in property tax revenue for the local county.
Moreover, the wind farm began construction in May of this year. It is located in Lee County, Illinois and it will have up to 22 wind turbines. Due to its scale and overall benefits, the project is a significant enabler of offsetting greenhouse gas emissions; and a helper in the advancement of the state’s energy transition.
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JP Morgan to advance its 100% renewable energy commitment
As outlined above, JP Morgan Chase will purchase around 70% of the plant’s output; which will serve as the largest contribution to date toward JPMorgan Chase’s 100% renewable energy commitment. It will supply the equivalent of about 14 percent of its global power needs.
Brian DiMarino, Head of Operational Sustainability for JPMorgan Chase, said. “JPMorgan Chase is committed to facilitating the transition to a lower-carbon economy by advancing sustainable solutions for our clients and our own operations.”
He also remarked. “Not only will this collaboration help us to meet our 100% renewable energy commitment and enable the construction of a new wind farm, but it also helps stabilize the future cost of our energy consumption in the region.”
Finally, Brenda Marshall, Senior Vice President, Renewable Generation – Wind for Algonquin, said. “Shady Oaks II is an important contributor to our goal of continuing to add low-cost renewable generation capacity into our supply mix and supports our commitment to leading the change to a greener, cleaner planet.”
