Enel Green Power to increase stakes in US wind farms

22 May 2013 (Last Updated May 22nd, 2013 18:30)

Enel Green Power North America has agreed to acquire stakes in two US wind farm operators from EFS Chisholm.

Prairie Rose wind farm

Enel Green Power North America has agreed to acquire stakes in two US wind farm operators from EFS Chisholm.

The company will purchase a 26% stake in Chisholm View Wind Project, the operator of a 235MW wind farm with the same name for $47m from EFS Chisholm, a GE Capital subsidiary.

Enel will also pay $34m for a 26% stake in the Prairie Rose Wind Project, which operates a 200MW wind farm, from GE's EFS Prairie Rose.

The acquisition will increase Enel's ownership in both the projects to 75% and reduce GE Capital's interest from 51% to 25%.

The transactions are subject to approval from the Federal Energy Regulatory Commission.

Located in Garfield and Grant Counties in Oklahoma, the Chisholm View wind farm features 140 GE 1.6MW turbines.

The acquisition will increase Enel's ownership in both the projects to 75% and reduce GE Capital's interest from 51% to 25%.

Built at a cost of about $375m, the wind farm has a 20-year power purchase agreement (PPA) with Alabama Power.

In June last year, the project secured $220m of tax equity financing from a consortium of JP Morgan, Wells Fargo and MetLife Insurance.

The Prairie Rose project is located in northern Rock County, Minnesota and features 19 1.68MW GE turbines.

The wind farm, which cost around $305m to build, has a 20-year PPA with Northern States Power Company, a subsidiary of Xcel Energy.

Both the wind farms have been operational since December 2012.


Image: The 200MW Prairie Rose wind project in Minnesota will power 75,000 homes in the region. Photo: Courtesy of GE Energy Financial Services.

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