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.


Trachte Inc._id1770
Latest Top Stories

Renewables Make Up Over 50% Of New U.S. Power In First Half Of 2014

According to a recent government report, renewable energy sources, such as wind and solar, continue to dominate new electric generating capacity.


Suzlon Facility Lends Key Assist In Developing 'The Wind Technicians Of Tomorrow'

The turbine manufacturer’s Elgin, Ill.-based training facility is the culmination of a program that puts a new twist on a proven method of instruction.


Having Their Say: CanWEA Clarifies True Source Of Canadian Wind Success

The Canadian Wind Energy Association (CanWEA) takes issue with a recent report summary regarding various renewable energy policies in North America.


FWS Issues Landmark Eagle Take Permit: What Does It Mean For Wind Projects?

The U.S. Fish and Wildlife Service's (FWS) recent decision has far-ranging implications for operating wind farms, as well as for those under development.


'Significant' Opportunity Exists Within Wind Energy's O&M Services Market

An increasing number of wind turbines are nearing the end of their warranty period, creating significant revenue-generating opportunities within the wind turbine operations and maintenance (O&M) sector.

Renewable NRG_id1934
Navigant_id1983