Harbert Management Corporation (HMC) announced that Gulf Pacific Power (GPP) has completed the acquisition of an 80% stake in EGPNA Renewable Energy Holdings, a holding company that owns an 812-MW portfolio of five operating wind projects located in the United States and Canada.
GPP formed Gulf Plains Wind to acquire an interest in REP from GE Energy Financial Services and Enel Green Power North America. EGPNA has retained a 20% stake in REP and will continue to operate the portfolio. Financial terms of the transaction were not disclosed.
The Portfolio includes the 235-MW Chisholm View facility in Grant and Garfield Counties, Oklahoma; the 200-MW Prairie Rose facility in Rock and Pipestone Counties, Minnesota; the 200-MW Goodwell facility in Texas County, Oklahoma; the 150-MW Origin facility in Murray and Carter Counties, Oklahoma; and the 27-MW St. Lawrence facility in Newfoundland, Canada. All of the projects have long-term power purchase agreements with highly-rated counterparties.
Gulf Plains Wind represents the second partnership with EGPNA, following GPP’s 2017 acquisition of an 80% stake in Rocky Caney Wind, a 350-MW portfolio of wind projects in Kansas and Oklahoma. In addition to Gulf Plains Wind and Rocky Caney Wind, GPP’s current portfolio includes investments in Washington County Power, a 627-MW simple cycle power plant in Sandersville, Georgia; Desert Sunlight, a 550-MW solar photovoltaic solar power generation facility in Riverside County, California; Northern Star Generation, a 1,251-MW portfolio of seven thermal power plants in Florida, Nevada and Pennsylvania; and Astoria Energy II, a 575-MW combined cycle power plant in New York City.
“The Gulf Plains Wind investment is a strong strategic fit for GPP and an attractive addition to our growing renewables portfolio,” a spokesman for HMC said. “We are pleased at this opportunity to extend and strengthen our existing relationship with Enel Green Power, a world class renewable energy developer and operator.”
News item from HMC