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Gulf Pacific Power acquires 80% stake in wind joint venture

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Gulf Pacific Power acquires 80% stake in wind joint venture

Gulf Pacific Power wrapped its purchase of an 80% interest in a joint venture between GE Energy Financial Services and Enel Green Power North America Inc. for an undisclosed amount.

The EGPNA Renewable Energy Holdings LLC joint venture owns a portfolio of five wind projects in the U.S. and Canada totaling 812 MW. Enel Green Power North America will retain a 20% ownership in the joint venture and will continue to operate the portfolio, according to a Dec. 16 news release, while GE Energy Financial Services is completely exiting the joint venture.

The wind portfolio includes the 235-MW Chisholm View wind project in Grant and Garfield Counties, Okla.; the 200-MW Prairie Rose wind farm in Rock and Pipestone counties, Minn.; the 200-MW Goodwell wind project in Texas County, Okla.; the 150-MW Origin wind energy project in Murray and Carter counties, Okla.; and the 27 MW St. Lawrence wind facility in Newfoundland, Canada.

Gulf Pacific Power is backed by commitments from the California Public Employees' Retirement System and affiliates of asset manager Harbert Management Corp.

Hogan Lovells acted as legal counsel and CohnReznick Capital acted as financial adviser to Gulf Pacific Power for the transaction.

In 2017, Gulf Pacific Power also struck an agreement with Enel Green Power North America to acquire the 150-MW Rocky Ridge wind facility in Kiowa and Washita counties, Okla., and the 200-MW Caney River wind facility in Elk County, Kan.