(Aug. 6) – Enel Green Power announces today the closing of an equity partnership agreement between its US subsidiary, Enel Green Power North America, (EGP NA), and EFS Prairie Rose, a GE Capital subsidiary, for the construction of the Prairie Rose wind farm in northern Rock County, Minnesota. The project, which requires a total equity investment of approximately 305 million US dollars, will have a total installed capacity of 200 MW and is supported by a long term power purchase agreement. Under the terms of the equity partnership agreement, EFS Prairie Rose will invest approximately 156 million US dollars for a 51% stake in the project whereas EGP NA will contribute approximately 149 million US dollars for a 49% stake and serve as project manager. EGP NA has an option to purchase from EFS Prairie Rose up to an additional 26% ownership stake in the project on specific dates in 2012 and 2013. The Prairie Rose Wind project is the first project to be developed by Geronimo Wind Energy under a strategic partnership agreement signed between EGP NA and Geronimo in 2009. The Prairie Rose Wind project will generate enough power to avoid the emission of approximately 650,000 tons of CO2 per year according to US Environmental Protection Agency methodology. The wind farm will help Minnesota meet its target of generating 25% of its electricity from renewable sources by 2025. (red)
