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United States

GE and EGP win backing for 250MW project

UNITED STATES: Enel Green Power (EGP) and GE Capital have won $260 million of funding from JP Morgan for the 250MW Buffalo Dunes wind farm in Kansas.

A rendering of Buffalo Dunes (GE 1.6MW turbines)
A rendering of Buffalo Dunes (GE 1.6MW turbines)
The JP Morgan-headed syndicate, including Wells Fargo and Metropolitan Life Insurance, will commit the funds by Q4.

GE holds 51% of the project through its subsidiary EFS Buffalo Dune, with EGP holding the remainder. EGP also has an option to acquire an additional 26% by 2014.

GE acquired the majority stake in April.

This is the latest collaboration between GE and EGP. Last year, GE took a stake in 235MW Chisholm View project in Oklahoma and the 200MW Prairie Rose wind farm in Minnesota.

Buffalo Dunes has a 20-year 202MW power purchase agreement (PPA) from the Alabama Power Company, which had the option to exit the PPA if the developer failed to secure financial backing for the project.

Buffalo Dunes has been developed by TradeWinds, which has had a strategic cooperation agreement with EGP since 2006.

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