GE Capital links with Italy's EGP for 235MW Chisholm View in US
Italian renewable energy giant Enel Green Power (EGP) and GE Capital have signed an agreement to develop the 235.2MW Chisholm View wind farm in Oklahoma.
Under the terms of the deal, GE Capital subsidiary EFS Chisholm will invest $191m for a 51% stake in the project and EGP North America will pay $184m for the remainder.
EGP has the option to increase its stake by an additional 26% on specific dates in 2012 and 2013, the company says.
The project will use GE 1.6MW turbines and has a long-term power-purchase agreement in place with Alabama Power Company, a subsidiary of Atlanta-based Southern Company.
The wind farm was originally developed by Kansas-based TradeWind Energy.
EGP says its investment in the project is guaranteed by its parent company, Italian utility Enel.
EGP North America has projects in operation or under development in 21 US states and three Canadian provinces.
It operates over 70 hydropower, wind, geothermal, solar and biomass plants with a total capacity of more than 1GW.
Atlantic Power today announced closure of $310m in non-recourse construction financing for the proposed 298.4MW Canadian Hills wind farm west of Oklahoma City.