July 10 – Enel Green Power North America Development (“EGPD”), Enel Green Power’s U.S. subsidiary, and Efs Buffalo Dunes, a subsidiary of GE Capital, have signed a capital contribution agreement with a consortium, led by JP Morgan, composed of Wells Fargo Wind Holdings, the Metropolitan Life Insurance Company and State Street Bank and Trust Company. Under the agreement, this group of companies commits to fund approximately $260 million in Buffalo Dunes’ wind projects in the counties of Grant, Haskell and Finney (Kansas), for an installed capacity of 250 MW. After the consortium issues the loan in the fourth quarter of 2013, subject to compliance with the requirements specified in the Agreement, the parties will sign a tax equity agreement for the Buffalo Dunes wind power plant. The project is associated with a long-term contract for the purchase of energy produced by the plant.
Efs Buffalo Dunes has a market share of 51% of the wind energy project and EGPD holds the remaining 49%, with the option to buy 26% of Buffalo Dunes’ share on set dates in 2013 and 2014. Francesco Starace, CEO of Enel Green Power, said: “We are delighted to have reached this agreement, which further underlines our commitment to Kansas and North America, where we started with a portfolio of mini-hydro plants and where we grew up with a diversified presence that includes all renewable technologies: solar, wind, hydroelectricity, biomass and geothermal. We hope to increase our installed capacity in the country, while continuing to leverage the multi-technological approach and maintaining a high standard of quality, along with innovative technologies and a solid business strategy.”