ENEL GREEN POWER NORTH AMERICA, INC. AND EFS CHISHOLM, LLC SIGNED A CAPITAL CONTRIBUTION AGREEMENT WITH A SYNDICATE LED BY J.P. MORGAN
Rome, June 6th, 2012 - Enel Green Power North America, Inc. (“EGP-NA”), a subsidiary of Enel Green Power S.p.A. (“EGP”), and EFS Chisholm, LLC, a GE Capital subsidiary, signed a capital contribution agreement with a syndicate led by J. P. Morgan, whereby the syndicate commits to funding approximately 220 million US dollars for the 235 MW Chisholm View Wind project in Garfield and Grant Counties, Oklahoma. The syndicate also includes Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Company ("MetLife").
The syndicate will release funds in the fourth quarter of 2012, subject to fulfilment of requirements outlined in the capital contribution agreement, at which point a tax equity agreement will be signed by the parties. The project is supported by a long-term power purchase agreement.
EFS Chisholm LLC holds a 51% cash equity stake in the project, and EGP-NA holds the remaining 49%. EGP-NA has an option to purchase 26% of EFS Chisholm’s interest in 2012 and 2013.
Tax equity agreements under
Francesco Starace, Enel
Green Power CEO and General Manager, stated: “We are pleased about the
closing of this agreement, which further demonstrates the Group’s commitment to
Enel Green Power North America, a subsidiary of Enel Green
Power, is a leading owner and operator of renewable energy plants in North
America with projects operating and under development in 21
Enel Green Power is the Enel Group company fully dedicated to the development and management of renewable energy sources in Italy and throughout the world. The company generated 22.5 billion kWh in 2011 from water, sun, wind and the Earth’s heat - enough to meet the energy needs of more than 8 million households and avoid the emission of over 16 million tons of CO2 into the atmosphere. Enel Green Power is a world leader thanks to its well-balanced generation mix, which includes all major renewable technologies. The Company has an installed capacity of nearly 7,100 MW from a mix of sources including wind, solar, hydroelectric, geothermal and biomass. Currently, EGP has over 650 operational plants in 16 countries in Europe and the Americas.