The agreement relates to the two wind farms Caney River, located in Elk county, Kansas, and Rocky Ridge, located in Kiowa and Washita counties, Oklahoma.
The wind power projects have a total capacity of 350MW and are supported by long term power purchase agreements.
The tax equity partnership agreement with the consortium led by JP Morgan provides that the consortium makes a cash contribution for an overall amount of about $340m to the subsidiary of EGP-NA holder of the two aforementioned projects in return of a stake with voting rights restricted to the equity of the subsidiary above.
The stake will allow the consortium to obtain, at certain conditions, a percentage of the fiscal benefits that will be attributed to the EGP-NA unit.
Together with JP Morgan, the consortium is also comprised of Wells Fargo and MetLife.
The tax equity partnership agreement is supported by an EGP’s parent company guarantee.
EGP-NA, part of Enel Green Power, is a owner and operator of renewable energy plants in North America with projects operating and under development in 21 US states and three Canadian provinces.
