Investment bank JPMorgan Chase is to buy 70% of the electricity from Algonquin Power & Utilities subsidiary Liberty’s 108MW Shady Oaks 2 wind farm in the US state of Illinois.
The 22-turbine Shady Oaks 2 is located in Lee County and will generate 350,000 megawatt-hours of electricity a year.
It will supply about 14% of JPMorgan Chase’s global power needs.
Construction started in May of this year.
JPMorgan Chase head of operational sustainability Brian DiMarino said: “Climate change continues to present a growing set of challenges to businesses and communities around the world.
“JPMorgan Chase is committed to facilitating the transition to a lower-carbon economy by advancing sustainable solutions for our clients and our own operations.
“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 stabilise the future cost of our energy consumption in the region.”
Algonquin senior vice president of wind renewable generation Brenda Marshall said: “We’re extremely pleased to partner with JPMorgan Chase, a global leader in the finance industry and a sustainability-focused company that is as passionate as we are about advancing renewable energy solutions.
“Shady Oaks 2 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.”