Prairie Rose wind project will employ 119 of GE’s 1.68MW turbines and with the equity commitment GE will own 51% of the 200MW project.
Enel Green Power is the project manager for the wind farm and owns the remaining 49% stake with a $149m investment.
The partners also raised about $190m in tax equity from a consortium led J. P. Morgan and including Wells Fargo Wind Holdings and Metropolitan Life Insurance Company.
The tax equity will be injected at project completion reducing both GE’s and Enel Green Power’s stake in the wind farm.
GE Energy Financial Services managing director of power and renewable energy Kevin Walsh said, "This transaction showcases GE’s ability to provide both world-class technology and flexible financing structures for our customers and advances our long-term partnership with Enel Green Power, an established renewable energy leader."
The overall cost of the project is expected to be $305m with construction managed by Mortenson Construction.
Electricity generated at the wind farm will be sold to the Northern States Power Company under a 20-year power purchase agreement.
