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United States

Enel sells shares in Oklahoma site

UNITED STATES: Enel has signed a tax equity agreement with Goldman Sachs and GE Financial Services (GEFS) worth approximately $330 million for the 298MW Thunder Ranch site in Oklahoma.

GE's 2.3-116 (above) and 2.5-116 turbines will be used at the Thunder Ranch project
GE's 2.3-116 (above) and 2.5-116 turbines will be used at the Thunder Ranch project

Under the agreement Goldman Sachs and GEFS will purchase 100% of the wind farm's 'Class B' and 'Class C' equity interests, while Enel will retain 100% of the 'Class A' interests as well as control of the project.

The investment allows GEFS and Goldman Sachs to reap the fiscal benefits of the project, and brings the total amount put into the project to $435 million.

The transaction is expected to close when Thunder Ranch goes online, Enel stated.

Construction of the project, which uses GE's 2.3-116 and 2.5-116 turbines, started last May, and completion is expected by the end of this year, the developer added.

In August, investors Mitsubishi and Allianz acquired approximately $340 million of 'Class B' shars in Enel North America's 300MW Red Dirt wind farm in Oklahoma.

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