GE Capital Invests $156 Million in U.S. Wind Farm Deal
Enel Green Power (EGP) announced the finalization of an equity partnership agreement and a capital contribution agreement on “Prairie Rose” wind project in the U.S.
The two agreements relate to the construction of the wind farm located in Minnesota, which will have an installed capacity of 200 MW, requiring a total equity investment of approximately $305 million.
Under the terms of the equity partnership agreement, EFS Prairie Rose, a GE Capital subsidiary, will invest approximately $156 million for a 51% stake in the project whereas EGP North America (EGP/NA) will contribute approximately $149 million for a 49% stake. EGP/NA’s stake can increase by an additional 26% in 2012 and 2013.
EGP/NA and EFS Prairie Rose signed a capital contribution agreement of approximately $190 million with a syndicate led by J.P. Morgan.
To read the full Link to Enel Green Power news release, click here.