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United States

Enel and JP Morgan in $400 million agreement

UNITED STATES: A consortium led by JP Morgan has agreed a deal with Enel Green Power North America to contribute $400 million to two wind farms.

Vestas' V100 2MW is being used at the 150MW Origin project in Oklahoma
Vestas' V100 2MW is being used at the 150MW Origin project in Oklahoma

Under the capital contribution agreement, the consortium will inject the money for the 150MW Origin and 200MW Goodwell projects in Oklahoma and Texas once they have been commissioned.

In return for the investment, the consortium will receive an equity interest in the projects, allowing it to get a percentage of any profits made.

Italian developer's Origin development is located across Garvin, Murray and Carter counties in southern Oklahoma. It uses 75 Vestas V100-2MW turbines and is set to be online by the end of the year.

The Goodwell project is located across the state border with Texas and northwest Oklahoma. It is due to enter service by the end of 2015.

Both projects have secured long-term power purchase agreements.

Last year, Enel Green Power received $260 million backing from JP Morgan for the 250MW Buffalo Dunes project in Kansas.

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