Enel Green Power North America (EGPNA) has signed a $500m tax equity agreement with three investors for the 400MW Cimarron Bend wind project in Kansas.

As per the deal terms, the investors, Bank of America Merrill Lynch, JP Morgan and MetLife, will provide the cash in exchange for 100% of 'class B' membership interests in the project.

Enel said the interests will enable the the investors to obtain, at several conditions provided by US tax laws, a percentage of the fiscal benefits that will be attributed to the project.

EGPNA, through its Cimarron Bend Wind Holdings subsidiary, retains 100% ownership of the 'class A' interests and therefore management control of the project.

The funds are said to be released in two phases. While the first is to be released mid-way through the project construction, the second installment will be delivered after the project completion.

Construction of the wind farm began this April. It is expected to become operational next year.

The wind farm, which will require a total investment of $610m, will be capable of generating about 1.8TWh per year, delivering sufficient energy to meet the annual consumption needs of over 149,000 average US homes. It would also avoid about 1.3m tones of CO2 emissions each year.

The energy generated by the wind farm will be sold to Google and the Kansas City Board of Public Utilities under two bundled, long-term contracts for 200MW each.