Enel Green Power North America reaches 75% ownership of Buffalo Dunes Wind Farm

Enel Green Power North America, Inc. (“EGP-NA”), a subsidiary of Enel Green Power S.p.A. (“Enel Green Power”), signed an agreement to purchase an additional 26% of the “Class A” interests in “Buffalo Dunes Wind Project, LLC”, the company operating the 250 MW Buffalo Dunes wind farm, from EFS Buffalo Dunes, LLC, a GE Capital subsidiary, for approximately 60 million US dollars.

The option to purchase the additional interests was provided for in the original agreement between EGP-NA and the GE Capital subsidiary. The transaction will be closed following approval by the Federal Energy Regulatory Commission. After closing, EGP-NA will own 75% of the “Class A” interests of the company operating the wind farm, while the GE Capital subsidiary will remain as an investor with a 25% stake.

Francesco Starace, CEO of Enel Green Power, commented: "The full consolidation of our “Buffalo Dunes” wind farm will bring Enel Green Power’s installed capacity in North America to almost 2 GW,  once again confirming  EGP-NA as one of the top wind power players in the United States. We are committed to pursue further growth in this key market, across all main renewable technologies.”

The Buffalo Dunes wind farm, located in Finney, Grant and Haskell Counties, Kansas, has been operational since December 2013 and was the largest wind project in the United States to start operation last year. The plant required a total equity investment of approximately 370 million US dollars and is supported by a long term power purchase agreement (“PPA”).

In July 2013, Enel Green Power North America Development, LLC and EFS Buffalo Dunes, LLC signed a capital contribution agreement with a syndicate led by JPM Capital Corporation, including Wells Fargo Wind Holdings LLC, Metropolitan Life Insurance Company and State Street Bank and Trust Company, whereby the syndicate funded approximately 260 million US dollars to the project.