ENEL Increases Ownership Stake In Chisholm View, Prairie Rose Wind Farms

NAW Staff, Thursday 23 May 2013 - 00:00:00

ENEL Green Power North America (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.

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.

The transactions are subject to Federal Energy Regulatory Commission approval.

After closing, EGP-NA will own 75% of the “Class A” interests of both companies operating the wind farms, while the GE Capital subsidiaries will remain as investors with a 25% stake.

The Chisholm View wind farm, located in Garfield and Grant Counties, Okla., has been operational since December 2012. The plant required a total equity investment of approximately $375 million 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, that includes Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Co., whereby the syndicate funded approximately $220 million for the project.

The Prairie Rose wind farm, located in northern Rock County, Minn., has been operational since December 2012. The Prairie Rose wind farm required a total equity investment of approximately $305 million and is supported by a long-term PPA.

In August 2012, EGP-NA and EFS Prairie Rose signed a capital contribution agreement with a syndicate led by J.P. Morgan, that includes Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Co., whereby the syndicate funded approximately $190 million for the project.


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