ENEL GREEN POWER NORTH AMERICA SIGNS AGREEMENTS TO REACH 75% OWNERSHIP OF CHISHOLM VIEW AND PRAIRIE ROSE WIND FARMS

Published on Wednesday, 22 May 2013

Enel Green Power North America, Inc. (“EGP-NA”) signed an agreement to purchase, from a GE Capital subsidiary, an additional 26% of the company operating the 235 MW Chisholm View wind farm for approximately 47 million US dollars.
EGP-NA has also signed an agreement to purchase, from a GE Capital subsidiary, an additional 26% of the company operating the 200 MW Prairie Rose wind farm for approximately 34 million US dollars.
The transactions will be closed following approval by the Federal Energy Regulatory Commission.

Rome - Boston, May 22nd, 2013 - Enel Green Power North America, Inc. (“EGP-NA”), a subsidiary of Enel Green Power S.p.A. (“Enel Green Power”), signed an agreement to purchase an additional 26% of the “Class A” interests in “Chisholm View Wind Project, LLC”, the company operating the 235 MW Chisholm View wind farm from EFS Chisholm, LLC, a GE Capital subsidiary, for approximately 47 million US dollars.

At the same time, EGP-NA signed an agreement to purchase an additional 26% of the “Class A” interests of “Prairie Rose Wind Project LLC”, the company operating the 200 MW Prairie Rose wind farm from EFS Prairie Rose, LLC, a GE Capital subsidiary, for approximately 34 million US dollars.

The option to purchase the additional interests was provided for in the original agreements between EGP-NA and GE Capital subsidiaries. The transactions will be closed following approval by the Federal Energy Regulatory Commission. After closing, EGP-NA will own 75% of the “Class A” interests of both companies operating the wind farms, while GE Capital subsidiaries will remain as an investor with a 25% stake.

Francesco Starace, CEO of Enel Green Power, commented: "The full consolidation of the Chisholm View and the Prairie Rose wind farms will bring the installed capacity of Enel Green Power in North America above the mark of 1.6 GW. We remain committed to further grow in this important market, in all technologies.”

The Chisholm View wind farm, located in Garfield and Grant Counties, Oklahoma, has been operational since December 2012. The plant required a total equity investment of approximately 375 million US dollars and is supported by a long term power purchase agreement (PPA).

In June 2012, EGP-NA and EFS Chisholm, LLC signed a capital contribution agreement with a syndicate led by J. P. Morgan, including Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Company, whereby the syndicate funded approximately 220 million US dollars to the project.

The Prairie Rose wind farm, located in northern Rock County, Minnesota, has been operational since December 2012. The Prairie Rose wind farm required a total equity investment of approximately 305 million US dollars and is supported by a long term power purchase agreement (PPA).

In August 2012, EGP-NA and EFS Prairie Rose signed a capital contribution agreement with a syndicate led by J. P. Morgan, including Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Company, whereby the syndicate funded approximately 190 million US dollars to the project.

 


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Economic | May, 22 2013

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