Enel Green Signs $365 Million Financing For 300 Megawatt Rock Creek Wind Farm
Enel Green Power North America has signed a $365 million tax equity agreement for the development of the 300-megawatt Rock Creek wind farm set to be located in Missouri, US.
Announced this week, the North American subsidiary of Enel Green Power — one of the world’s leading renewable energy operators and developers — revealed that it had signed a tax equity agreement worth approximately $365 million with Bank of America Merrill Lynch and J.P. Morgan, for the development of the 300 megawatt (MW) Rock Creek wind farm the company is planning to develop in Missouri. Construction is already underway, started back in October of last year, and is expected to begin operation by the end of this year, generating around 1,250 gigawatt-hours (GWh) of electricity annually — the equivalent electricity needed to power more than 100,000 average US households, and avoiding approximately 900,000 tonnes of CO2 per year.
A Power Purchase Agreement has already been signed by Kansas City Power & Light (KCP&L) and KCP&L Greater Missouri Operations Company (GMO) for the electricity generated by the Rock Creek wind farm.
The tax equity investment from Bank of America Merrill Lynch and J.P. Morgan will see the investors receive 100% of “Class B” equity interests in the project, allowing the two investors to obtain a percentage of the fiscal benefits provided by the Rock Creek wind farm.
The Rock Creek wind farm will push the amount of renewable energy under management by Enel Green Power North America up to nearly 3.5 GW, across more than 100 renewable energy projects in the US and Canada. The Rock Creek project is expected to create 300 construction jobs, and 14 permanent jobs upon completion.
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