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Enel strikes USD-330m tax equity deal for US wind project

The Thunder Ranch wind farm. Source: Enel (www.enel.com).

October 9 (Renewables Now) - The US renewables subsidiary of Italian energy group Enel SpA (BIT:ENEL) said on Friday it has sealed a tax equity agreement worth about USD 330 million (EUR 281.2m) for its 298-MW Thunder Ranch wind farm in Oklahoma.

Enel Green Power North America Inc (EGPNA) has, through its  subsidiary Thunder Ranch Wind Holdings LLC, signed a deal with the Alternative Energy Investing Group of banking giant Goldman Sachs (NYSE:GS) and GE Energy Financial Services, part of US conglomerate General Electric (NYSE:GE), allowing the two investors to buy 100% Class B and Class C equity interests in the wind project. Under the deal, the Goldman Sachs and GE units will be able to get a percentage of the fiscal benefits of Thunder Ranch wind park.

Enel noted that EGPNA will retain all Class A interests and keep management control of the plant. It expects the closing of the funding to take place after the wind farm enters commercial operations.

The Thunder Ranch plant has been under construction since May 2016 and is slated to begin power generation by end-2017. Once fully operational, the facility will have an annual output of over 1,100 GWh, or enough to meet the demand of about 89,400 US households. Enel has committed to invest around USD 435 million in the scheme.

(USD 1.0 = EUR 0.852)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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