Enel Green Power North America Finalizes Equity Partnership Agreement with GE Capital Subsidiary EFS Buffalo Dunes
The agreement relates to the development of the 250 MW “Buffalo Dunes” wind project, located in Kansas.
EFS Buffalo Dunes, a subsidiary of GE Capital, will invest approx. 40 million US dollars for the acquisition of a 51% stake in the project from EGP-NA and fund construction, whereas the latter will retain a 49% stake.
EGP-NA has an option to further increase its stake by 26% of the Buffalo Dunes equity on specific dates in 2013 and 2014.
Total equity investment required to build the project amounts to an approx. 370 million US dollars, of which EGP-NA will contribute an approx. 180 million US dollars.
Rome - Boston, - Enel Green Power S.p.A. (Enel Green Power) announced the closing of an equity partnership agreement between EFS Buffalo Dunes, LLC, a subsidiary of GE Capital, and its US subsidiary Enel Green Power North America, Inc. (EGP-NA) for the development of the Buffalo Dunes wind project located in Grant, Haskell and Finney Counties in Kansas.
Total equity investment required to build the Buffalo Dunes wind project amounts to an approximate 370 million US dollars, of which Enel Green Power North America will contribute an approximate 180 million US dollars. The project, which is expected to be completed by the end of 2013, will have a total installed capacity of 250 MW and is supported by a long term power purchase agreement (PPA). Once fully operational, Buffalo Dunes will generate up to 1 TWh of clean energy per year, therefore avoiding the annual emission of more than 800,000 tonnes of CO2 into the atmosphere.
Under the terms of the agreement, EFS Buffalo Dunes will invest approximately 40 million US dollars for the acquisition of a 51% stake in the project from EGP-NA and fund construction, whereas the latter will retain the remaining 49% stake.
EGP-NA, which will also serve as project manager, has an option to further increase its stake by 26% of the Buffalo Dunes equity on specific dates in 2013 and 2014.
The agreement is guaranteed by EGP-NA’s Parent company Enel Green Power.
About Enel Green Power
Enel Green Power is the Enel Group company fully dedicated to the development and management of renewable energy sources at the international level, with operations in Europe and the Americas. The company generated more than 25 billion kWh in 2012 from water, sun, wind and the Earth’s heat - enough to meet the energy needs of around 10 million households and avoid the emission of over 18 million tonnes of CO2 into the atmosphere. Enel Green Power is a world leader in the sector thanks to its well-balanced generation mix, providing generation volumes well over the sector average. The Company has an installed capacity of 8,000 MW from a mix of sources including wind, solar, hydroelectric, geothermal, and biomass. Currently, EGP has over 700 operational plants in 16 countries in Europe and the Americas.
About Enel Green Power North America Inc.
Enel Green Power North America, Inc. (f/k/a Enel North America, Inc.), 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 US States and 3 Canadian provinces. Enel Green Power North America owns and operates over 90 plants with an installed capacity of more than 1.2 GW powered by renewable hydropower, wind, geothermal, solar and biomass energy.
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