Under the terms, EGPNA will continue to own a controlling 51% stake of both wind farms through EGPNA REP, a recently established strategic financial partnership with GE Energy Financial Services.
Enel Green Power North America (EGPNA) has entered into two agreements with GE Energy Financial Services, a unit of General Electric.
The agreements consists of EGPNA selling:
- Twenty-four percent of both its “Class A” interests in the 235-MW Chisholm View Wind in Oklahoma. Chisholm View is located in Garfield and Grant Counties, and has been operational since December 2012. The plant required a total investment of approximately 375 million U.S. dollars and is supported by a long-term power purchase agreement.
- Its “Class A” interests in the 200-MW Prairie Rose Wind Farm in Minnesota. Prairie Rose is located in northern Rock County, and has been operational since December 2012. The wind farm required a total investment of approximately 305 million U.S. dollars and is supported by a long-term power purchase agreement.
The total consideration for the two transactions is approximately 74 million U.S. dollars, which was paid upon completion of the agreements.
As a result of the transactions, EGPNA’s stake in the two companies has been reduced to 51% from the previous level of 75%. GE Energy Financial Services’ stake (held indirectly through EFS Chisholm and EFS Prairie Rose) has been increased to 49% from the previous level of 25%.
“This transaction strengthens the strategic partnership formed last March between EGP and GE Energy Financial Services,” said Francesco Venturini, CEO and General Manager of Enel Green Power. “At the same time, the sale is part of our strategy to actively manage assets in a way that contributes to diversification and growth opportunities both in North America and elsewhere around the world.”
Following the closing of the transactions, EGPNA’s controlling stakes and GE Energy Financial Services’ minority stakes in both wind projects have been placed into the joint venture EGPNA Renewable Energy Partners, LLC (EGPNA REP) — which is 51% held by Enel Green Power and 49% held by GE Energy Financial Services. EGPNA will maintain responsibility for the daily administration, operation and maintenance activities of these assets.
EGPNA REP is a strategic financial partnership between EGPNA and GE Energy Financial Services that includes a 760-MW portfolio of operating wind, geothermal, hydropower, and solar generation assets.
The sale of minority interests to GE Energy Financial Services is part of the Enel Green Power Group’s strategy to actively manage its portfolio of assets and leverage current growth opportunities, in line with the current business plan.
Enel Green Power
www.enelgreenpower.com
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