Marubeni has acquired through one of its subsidiaries a 90% economic interest in the 102.5MW Shiloh IV wind project, owned by EDF Renewable Energy, a subsidiary of Electricite de France, in California.
Marubeni will now participate in asset management roles along with EDF Renewable Energy, which has retained a 10% ownership in the project.
EDF Renewable Energy's affiliate EDF Renewable Services, formerly enXco Service, will continue to provide operations and maintenance services.
EDF Renewable Energy divestiture and portfolio management director Raphael Declercq said the company values this partnership with Marubeni and the opportunity to engage in another successful transaction.
Declerq said, "This sale illustrates our ability to recycle capital to fund future development while staying fully involved in the project.
"This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer."
Located in Solano County, the project is equipped with 50 REpower MM92 wind turbines, generating enough electricity to power around 40,000 average homes in the region.
The project, which became operational in December 2012, has been delivering its output into the CAISO transmission system under a 25-year power purchase agreement with Pacific Gas and Electric.
The project, which is claimed to be the largest repowering project in the US, will be Marubeni's third equity investment in the North American wind power project following its participation in the Raleigh wind energy centre project in Canada and the Lakefield wind project in the US.
The project was originally built with a capacity of 25MW in 1989 and was repowered to upgrade old technology, allowing for increased generation of clean energy with fewer wind turbines.
The repowering project included the removal of around 235 existing Kenetech 100kW turbines and the construction of 50 wind turbines.
In January 2013, EDF Renewable Energy closed financing for the project through a sale-leaseback transaction with Union Bank of California Leasing, an offshoot of Union Bank.
Image: Shiloh IV wind project features 50 REpower wind turbines. Photo: courtesy of Marubeni.