The option to purchase the additional interests was provided for in the original agreement between EGP-NA and the GE Capital subsidiary. The deal will be officially closed following approval by the Federal Energy Regulatory Commission. After closing, EGP-NA will own 75 percent and the GE Capital subsidiary will remain as an investor with a 25 percent stake.
Enel Green Power chief executive officer Francesco Starace says, “The full consolidation of our Buffalo Dunes wind farm will bring Enel Green Power’s installed capacity in North America to almost 2 GW, once again confirming EGP-NA as one of the top wind power players in the United States. We are committed to pursue further growth in this key market, across all main renewable technologies.”
The Buffalo Dunes wind farm is located in Finney, Grant, and Haskell counties in Kansas. The facility has been operational since December 2013 and was the largest wind project in the United States to start operation last year. The plant required a total equity investment of approximately $370 million and is supported by a long term power purchase agreement.
In July 2013, Enel Green Power and EFS Buffalo Dunes signed a capital contribution agreement with a syndicate led by JPM Capital Corporation that funded approximately $260 million to the project.