Enel Green Power North America Inc. (EGP-NA), a subsidiary of Enel Green Power SPA (EGP), and EFS Chisholm LLC, a GE Capital subsidiary, have signed a capital contribution agreement with a syndicate led by J.P. Morgan, whereby the syndicate commits to funding approximately $220 million for the 235 MW Chisholm View Wind project in Garfield and Grant Counties, Okla.
The syndicate also includes Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Co.
The syndicate will release funds in the fourth quarter, subject to fulfillment of requirements outlined in the capital contribution agreement, at which point a tax-equity agreement will be signed by the parties. The project is supported by a long-term power purchase agreement.
EFS Chisholm LLC holds a 51% cash equity stake in the project, and EGP-NA holds the remaining 49%. EGP-NA has an option to purchase 26% of EFS Chisholm's interest in 2012 and 2013.