A syndicate led by JP Morgan has signed a tax equity deal with the project’s joint owners ENEL Green Power North America and EFS Chisholm, a subsidiary of GE Capital.
Under the deal, the syndicate will make a cash contribution of around $220 million to the project in return for an equity interest.
This equity stake will mean the tax benefits from the renewable energy generated from the project will pass to the syndicate.
EFS Chisholm holds a 51% cash equity stake in the project, while ENEL holds the remaining 49%, with an option to purchase 26% of EFS’ share next year.
The syndicate is expected to release funds for the project later this year.
Chisholm View is supported by a long term power purchase agreement.