US investor Gulf Pacific Power (GPP) has completed the acquisition of an 80% stake in an 812MW portfolio featuring operational wind farms in the US and Canada from Enel.
The stake in Renewable Energy Holdings, which owns the portfolio, will be held by GPP’s newly formed company Gulf Plains Wind.
In the deal Gulf Plan Winds acquired the interest in Renewable Energy Holdings from Enel Green Power North America (EGPNA) and GE Energy Financial Services.
EGPNA has retained a 20% stake in Renewable Energy Holdings and will continue to operate the portfolio. Financial terms of the transaction were not disclosed.
The Portfolio includes the 235MW Chisholm View facility in Grant and Garfield Counties, in Oklahoma, the 200MW Prairie Rose facility in Rock and Pipestone Counties, in Minnesota, the 200MW Goodwell facility in Texas County, Oklahoma, the 150MW Origin facility in Murray and Carter Counties, Oklahoma, and the 27MW St. Lawrence facility in Newfoundland, Canada.
All the wind farms 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 affiliates.
Gulf Plains Wind represents the second partnership with EGPNA, following GPP’s 2017 acquisition of an 80% stake in Rocky Caney Wind, a 350MW portfolio of wind projects in Kansas and Oklahoma.