EFS Chisholm has a 51% cash stake in the project while EGP-NA has 49% stake, it also has an option to purchase 26% of EFS Chisholm’s interest in 2012 and 2013.
The project will receive funds in the final quarter of 2012 after fulfilling the requirements of the capital contribution agreement following which the involved parties will also sign a tax equity agreement.
Enel Green Power CEO and general manager Francesco Starace said the closing of this agreement demonstrates the Enel Green Power’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," Starace added.
"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."
Under the tax equity agreement the renewable companies and investors will receive tax benefits and the syndicate will acquire a percentage of the fiscal benefits in the wind project.
Wells Fargo Wind Holdings and Metropolitan Life Insurance Company are the other members of the J P Morgan led syndicate.
The project is supported by a long-term power purchase agreement.
Enel Green Power North America is a subsidiary of Enel Green Power and EFS Chisholm is a GE Capital subsidiary.
