Enel Green Power North America (EGPNA) has signed a cash equity agreement with investment fund Gulf Pacific Power whereby they will sell to the fund 80% of the 200MW Caney River wind farm in Kansas and 150MW Rocky Ridge wind farm in Oklahoma, USA.
The total consideration for this transaction is approximately US$ 233 million, which will be paid upon closing of the deal, expected by the end of 2017. EGPNA will continue to manage, operate and perform maintenance activities at both wind farms while retaining a 20% ownership of the wind farms. The Caney River wind farm, which is located in Elk County, Kansas and began operations in 2011, is able to generate around 765 GWh each year. The Rocky Ridge facility, located in Kiowa and Washita Counties, Oklahoma, began operations in 2012. The plant is able to generate around 600 GWh each year. Caney River sells its electricity output to the Tennessee Valley Authority while Rocky Ridge sells it to the Western Farmers Electric Cooperative, both under long-term power purchase agreements.
