Fortis, an international financial services provider based in Rotterdam, Holland, has finalized a $26 million (€20 million) equity investment in Iberdrola’s Locust Ridge wind farm.
Iberdrola owns and operates renewable energy facilities worldwide. It has a total capacity of 4,500 megawatts. The Locust Ridge wind farm, based in Mahoney, Pennsylvania, is a 26 megawatt facility. Locust ridge will produce enough energy to supply electricity to approximately 20,000 homes. “The environmental benefit of the project is equal to an offset of over 74 million pounds of carbon dioxide, the equivalent of planting over five million trees or removing over 5,000 cars from the road each year,” the statement said.
Fortis provides financial services to the banking and insurance industries. Its global energy and utilities group has been active since 1997 in both Europe and the US. It has committed a total of about $2 billion to 25 wind energy projects worldwide.
Fortis agreed to acquire a 50 percent stake in Pacific Century Insurance, a Hong Kong-based listed life insurer, for about $448 million earlier this month.