in News Departments > Projects & Contracts
print the content item

A syndicate led by J.P. Morgan has agreed to fund approximately $260 million to Enel Green Power North American Development's (EGPD) 250 MW Buffalo Dunes wind project, located in Grant, Finney and Haskell Counties, Kan.

According to EGPD, the funds are expected in the fourth quarter of this year, at which point a tax equity agreement will be signed by the parties.

The funds will be contributed by the syndicate to the Buffalo Dunes project in return for an equity interest with limited voting rights. The equity interest will allow the syndicate to obtain a percentage of the fiscal benefits attributed to the Buffalo Dunes project.

In addition to J.P. Morgan, the syndicate also includes Wells Fargo Wind Holdings, Metropolitan Life Insurance Co., and State Street Bank and Trust Co.
EFS Buffalo Dunes currently holds a 51% equity stake in the wind project, while EGPD holds the remaining 49%. EGPD has an option to purchase an additional 26% of the project from EFS Buffalo Dunes on specific dates in 2013 and 2014.

EGPD says its parent company provided a guarantee for the subsidiary’s obligations under the capital contribution and tax equity agreement.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Canadian Wind Industry Urges For More Federal Support

The Canadian Wind Energy Association says the country's federal government, once a big industry supporter, should again back wind power.


Wind And Solar Helped California Grid During Challenging Summer

According to the California Independent System Operator, the state suffered from heat waves and drought this year, and wind power played a "significant role" in keeping the lights on.


Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.

Canwea_id1984
Renewable NRG_id1934
BG 2015DblBox_id2032
Hybrid Energy Innovations 2015