ENEL GREEN POWER SIGNS CAPITAL CONTRIBUTION AGREEMENT FOR TWO U.S. WIND FARMS WITH CONSORTIUM LED BY J.P. MORGAN
The consortium commits to provide about 400 million U.S. dollars in funding for the Origin and Goodwell wind projects, which have a total installed capacity of 350 MW
Rome - Boston, July 8th, 2014 - Enel Green Power North America, Inc (EGP-NA), a U.S. subsidiary of Enel Green Power S.p.A. (Enel Green Power), signed a capital contribution agreement for about 400 million U.S. dollars with a consortium led by J.P. Morgan.
Under the agreement, the consortium has committed to funding the 150 MW Origin wind project located in Garvin, Murray and Carter counties in Oklahoma and the 200 MW Goodwell project in Texas County, Oklahoma and Hansford County, Texas.
The consortium will contribute the funds once the plants enter service, which is scheduled for the fourth quarter of 2014 for Origin and the fourth quarter of 2015 for Goodwell, subject to compliance with the requirements set out in the capital contribution agreement. Both projects are supported by long-term power purchase agreements.
Francesco Venturini, Enel Green Power CEO, stated: We are pleased to have reached this agreement, which further demonstrates EGPs commitment to North America, where we have grown in a diversified manner, encompassing all the renewable technologies, from hydro to solar, from geothermal to wind. Specifically, in the wind sector, we have tripled our installed capacity in North America in the last four years only.
Within the framework of the agreement, the J.P. Morgan-led consortium will make a capital contribution totalling about 400 million U.S. dollars to EGP-NA. In exchange, the consortium will receive an equity interest with limited voting rights. This interest will allow the consortium to obtain a percentage of the fiscal benefits to be attributed to the Origin and Goodwell projects.
Enel Green Power will secure the obligations arising from its North American subsidiarys agreement through a parent company guarantee, not extended to return on investment.
Enel Green Power is the Enel Group company fully dedicated to the development and management of renewable energy sources at the international level, with operations in Europe and the Americas. The company generated over 29 billion kWh in 2013 from water, sun, wind and the Earths heat - enough to meet the energy needs of more than 10 million households and avoid the emission of approximately 16 million tonnes of CO2 into the atmosphere. Enel Green Power is a world leader in the sector thanks to its well-balanced generation mix, providing generation volumes well over the sector average. The company has an installed capacity of approximately 8,900 MW from a mix of sources including wind, solar, hydroelectric, geothermal, and biomass. The company has approximately 750 plants operating in 16 countries in Europe and the Americas.
Enel Green Power in USA - Enel Green Power (EGP) operates in North America through Enel Green Power North America, Inc. (EGP-NA), which owns and operates over 90 plants in 21 U.S. States and two Canadian provinces with a total installed capacity of around 2,000 MW. Such a capacity base is diversified across four generation technologies, namely wind, geothermal, solar and hydro.
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