GE Energy Financial Services has increased its ownership stakes in two U.S. wind farms after acquiring additional 24% interests from Enel Green Power North America Inc. (EGPNA). The transactions cover the 235 MW Chisholm View and 200 MW Prairie Rose wind projects.
According to EGPNA, total consideration for the deals is approximately $74 million, which was paid upon completion of the agreements. As a result of the transactions, EGPNA's stake in the two wind farms has been reduced to 51% from the previous level of 75%, while GE Energy Financial Services' stake (held indirectly through EFS Chisholm and EFS Prairie Rose) has been increased to 49% from the previous level of 25%.
The Chisholm View wind farm, located in Garfield and Grant Counties, Okla., has been operational since December 2012. The Prairie Rose wind farm, located in northern Rock County, Minn., has also been operational since December 2012.
Following the closing of the transactions, both companies' stakes in the two projects have been placed into the joint venture EGPNA Renewable Energy Partners LLC (EGPNA REP), which is 51% held by Enel Green Power and 49% held by GE Energy Financial Services. EGPNA will maintain responsibility for the daily administration, operation and maintenance activities of these assets.
EGPNA REP is a strategic financial partnership between EGPNA and GE Energy Financial Services that includes a 760 MW portfolio of operating wind, geothermal, hydropower and solar generation assets.
"This transaction strengthens the strategic partnership formed last March between EGP and GE Energy Financial Services," says Francesco Venturini, CEO and general manager of Enel Green Power. "At the same time, the sale is part of our strategy to actively manage assets in a way that contributes to diversification and growth opportunities both in North America and elsewhere around the world."