The 235 mW Chisholm View wind project in Garfield and Grant Counties, Oklahoma has secured nearly $220 million in project financing. Enel Green Power North America and EFS Chisholm, LLC signed a capital contribution agreement with a syndicate led by J.P. Morgan. Funds will be released during the 4th Quarter of 2012 subject to the achievement of several requirements and at this time, a tax equity agreement will be signed by the parties. There is already a long-term purchase agreement in place for the energy produced by the wind farm.
Under U.S. law, tax equity agreements allocate tax benefits from renewable energy generation companies to passive investors. The syndicate will be providing funds to the project in return for an equity interest with voting rights in the Chisholm View wind project.
Francesco Starace, Enel Green Power CEO and General Manager, said: “We are pleased about the closing of this agreement, which further demonstrates the Group’s commitment to North America. Enel Green Power has a diversified footprint in this region, in which we mainly operate hydro, wind, geothermal as well as solar capacity. We wish to expand this capacity further by leveraging on such a multi-technology approach, which, along with a presence in 16 countries, makes EGP unique in the global renewables scenario.”