Enel and EFS Chisholm have signed a capital contribution agreement with the syndicate, which also includes Well Fargo Wind Holdings and the Metropolitan Life insurance firm, for a contribution to the 235 MW Chisholm View wind project in Oklahoma.
The syndicate will release funds in the fourth quarter of 2012, subject to fulfilment of requirements outlined in the capital contribution agreement. This will allow the syndicate to take an equity stake in the project, without voting rights.
Located approximately 15 miles north east of Enid, the Chisholm View project is supported by a long-term power purchase agreement with the Alabama Power Company.
An existing 345kv transmission line runs North/South directly through the project site, which will allow Chisholm View to deliver energy south to load centres such as Oklahoma City, and north to Kansas.
The Chisholm View project is majority owned by EFS Chisholm, which holds a 51% stake, while Italian developer Enel holds 49%. However, Enel has an option to purchase 26% of EFS Chisholm’s interest in 2012 and 2013.
Francesco Starace, chief executive of Enel Green Power (EGP) said: “We are pleased about the closing of this agreement, which further demonstrates the group’s commitment to North America.”
He added: “Enel Green Power has a diversified footprint in this region, in which we mainly operate hydro, wind, geothermal as well as solar capacity. 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.”