Enel Green Power North America Inc. (EGPNA), the U.S. renewable energy subsidiary of the Enel Group, has signed a tax equity agreement for the HillTopper Wind Project in Illinois.
Under the terms of the agreement, EGPNA has committed to sell 100% of the Class B equity interests in project company Enel Green Power HillTopper Wind LLC to Wells Fargo for a purchase price of approximately $180 million.
Wells Fargo is due to fully fund its commitment upon achievement of commercial operation of the wind farm, expected by the end of this year.
EGPNA will retain 100% ownership of the Class A interests, as well as control over the management and operation of the wind project.
The HillTopper wind project, whose construction investment amounts to around $325 million, is backed by three long-term power purchase agreements with Bloomberg, General Motors and Constellation. The recently announced deal with Constellation will sell energy from HillTopper to Comcast Spectacor to help power its Wells Fargo Center arena in Philadelphia.