Enel Green Power (EGP) has closed a deal creating an equity partnership between EFS Chisholm, a subsidiary of GE Capital, and its United States subsidiary, Enel Green Power North America for the development of the Chisholm View wind project located in Oklahoma.
The agreement centers on the development of the Chisholm View wind farm for an installed capacity a 235.2 MW, requiring a total equity investment of roughly $375 million. EFS Chisholm will invest approximately $191 million for a 51 percent stake in the wind farm and as per the agreement, Enel Green Power North America will contribute around $184 million for a 49 percent stake in the project. Enel’s stake in the project can increase by an additional 26 percent on specific dates in 2012 and 2013.
The project is supported by a long term power purchase agreement (PPA).
Enel Green Power North America owns and operates renewable energy plants in North America, with projects operating and under development in 21 U.S. states and three Canadian provinces. Enel Green Power North America’s 70-plus plants have an installed capacity of more than 1,000 MW powered by renewable hydropower, wind, geothermal, solar and biomass energy.
The Chisholm View Wind Project, located approximately 15 miles from Enid, Oklahoma and directly adjacent to the town of Hunter, sits within Garfield and Grant Counties. An existing 345kv Oklahoma Gas and Electric Transmission Line runs north-south directly through the project site so the wind farm will interconnect directly onto this line to deliver energy south to load centers such as Oklahoma City and north to load centers in and around Wichita, Kansas.