Enel inks tax equity deal for 300-MW wind project in Missouri
Wind park in the US. Author: CGP Grey. License: Creative Commons, Attribution 2.0 Generic.
Italian utility Enel SpA (BIT:ENEL) announced on Monday it has signed a tax equity deal for the 300-MW Rock Creek wind park in the US state of Missouri.
Bank of America Merrill Lynch and JP Morgan (NYSE:JPM) have agreed to contribute a total of USD 365 million (EUR 326m) for 100% of the wind project's Class B equity interests, Enel said in a statement. The Italian group will keep 100% of the Class A interest and control of the plant.
The total cost of the project is estimated at about USD 500 million.
Enel announced the start of construction of the wind park in Atchison County last October. The plant will have the capacity to generate some 1,250 GWh of electricity per year and will sell that alongside all renewable energy credits (RECs) under two bundled, long-term contracts with Kansas City Power & Light (KCP&L) and KCP&L Greater Missouri Operations Company (GMO).