As per the agreed terms, JP Morgan’s consortium will fund the 250MW Buffalo Dunes Wind Project in Grant, Finney and Haskell Counties, Kansas.
The consortium, which also includes Wells Fargo Wind, Metropolitan Life Insurance and State Street Bank and Trust, will contribute funds to the wind power project in the fourth quarter of 2013.
Commenting on the deal, Enel Green Power CEO Francesco Starace said that the agreement inked demonstrates the company’s commitment to Kansas and North America.
"A market in which we started off with a small hydro portfolio and where we have now expanded across all generation technologies, from solar to wind, from hydro to geothermal and biomass.
"We are planning to further expand our installed capacity in the country, continuing to leverage on our multi-technology approach as well as maintaining high quality standards supported by innovative technologies and a sound commercial strategy," added Starace.
Currently, EFS Buffalo Dunes owns 51% equity stake in the wind project, while EGPD holds the remaining 49%. However, EGPD has an option to purchase an additional 26% of the project from EFS Buffalo Dunes in 2013 and 2014.
