Jul 9, 2014 - Enel Green Power North America said Tuesday it has secured USD 400 million (EUR 294m) in funding for the 150-MW Origin wind project in Oklahoma and the 200-MW Goodwell wind scheme in Oklahoma and Texas.
The money will come from a group led by JP Morgan (NYSE:JPM) under a recently struck capital contribution agreement. More specifically, the consortium will make the USD-400-million investment once the wind parks start operations and will get in exchange an equity stake with limited voting rights in both plants. The JP Morgan-led tie-up will get a percentage of the fiscal benefits to be attributed to the projects.
Enel Green Power North America is a unit of Italian utility Enel Green Power (BIT:EGPW). It expects to put the 150-MW Origin wind farm into service in the closing quarter of 2014. The Googwell plant will follow suit in the fourth quarter of 2015. Both have long-term power purchase agreements (PPAs) in place.
The Italian parent said it will secure the obligations arising from its North American unit’s agreement via a parent company guarantee, not extended to return on investment. Enel Green Power owns 8,900 MW of wind, solar, biomass, geothermal and hydropower around the globe.
(USD 1 = EUR 0.734)
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