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Enel unit selling equity stake in 2 US wind farms for $651M

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Enel unit selling equity stake in 2 US wind farms for $651M

Enel Green Power North America Inc. agreed to sell its 100% class B equity stake in two wind farms in Nebraska and Kansas to Bank of America Merrill Lynch and J.P. Morgan for $651 million.

Under two separate tax equity agreements, the investment banks will acquire the interests in the 320-MW Rattlesnake Creek project for about $334 million and in the 300-MW Diamond Vista project for about $317 million. Enel SpA will retain 100% ownership of the class A interests and control over the management and operation of both wind farms.

The sale comes as Enel Green Power North America starts operations of the two wind farms, bolstering its installed capacity in North America to over 830 MW in 2018. Enel has connected about 2,600 MW of renewable capacity to grids around the world so far in 2018.

The $430 million Rattlesnake Creek project is in Dixon County, Neb., and holds two separate long-term power contracts under which Adobe Systems Inc. will buy the energy from a 10-MW portion through 2028 and Facebook Inc. will gradually purchase the entire output by 2029.

The $400 million Diamond Vista project is in Marion and Dickinson counties, Kan., and will sell 100 MW of electricity and renewable energy credits to each of Kohler Co. and the City Utilities of Springfield and 84-MW to Tri-County Electric Cooperative Inc.