812 MW wind portfolio in USA and Canada acquisition closes
Gulf Pacific Power, LLC (GPP) has completed the acquisition of an 80% stake in EGPNA Renewable Energy Holdings, LLC (REP), a holding company that owns an 812 MW portfolio of five operating wind projects located in the United States and Canada. GPP formed Gulf Plains Wind, LLC (Gulf Plains Wind) to acquire the interest in REP from GE Energy Financial Services and Enel Green Power North America, Inc. (EGPNA). EGPNA has retained a 20% stake in REP and will continue to operate the Portfolio. Financial terms of the transaction were not disclosed.
The Portfolio includes:
- the 235 MW Chisholm View facility in Grant and Garfield Counties, Oklahoma;
- the 200 MW Prairie Rose facility in Rock and Pipestone Counties, Minnesota;
- the 200 MW Goodwell facility in Texas County, Oklahoma;
- the 150 MW Origin facility in Murray and Carter Counties, Oklahoma; and
the 27 MW St. Lawrence facility in Newfoundland, Canada.
All of the projects benefit from long-term power purchase agreements with highly rated counterparties.
GPP was formed to make equity investments in North American power infrastructure and is backed by commitments from the California Public Employees’ Retirement System ("CalPERS”) and Harbert Management Corporation (HMC) affiliates.
A spokesman for HMC said: “The Gulf Plains Wind investment is a strong strategic fit for GPP and an attractive addition to our growing renewables portfolio. We are pleased at this opportunity to extend and strengthen our existing relationship with Enel Green Power, a world class renewable energy developer and operator.”
Hogan Lovells acted as legal counsel and CohnReznick Capital acted as financial advisor to GPP on the transaction.
Country news
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