Drafting vs. Engineering: Choosing the right partner for commercial projects

Harbert Management Corporation (“HMC”) is pleased to announce that Gulf Pacific Power, LLC (“GPP”) has completed a transaction with subsidiaries of Enel Green Power North America, Inc. (“Enel”), expanding GPP’s ownership in Midwestern U.S. wind energy facilities (the “Transaction”). Through the Transaction, GPP acquired all of Enel’s cash-equity interests in five operating wind facilities and divested a portion of its interests in two wind facilities.

The acquisitions include all of Enel’s interests in 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; the 149 MW Rocky Ridge facility in Kiowa and Washita Counties, Oklahoma; as well as all of the equity interests in a 150 MW wind facility in North Dakota. The projects benefit from long-term power purchase agreements with high-credit quality counterparties.

The divestments include a portion of GPP’s interests in the 235 MW Chisholm View facility in Grant and Garfield Counties, Oklahoma, and the 200 MW Caney River facility in Elk County, Kansas. GPP will retain a 49% ownership position in each of Chisholm View and Caney River, with Enel continuing to serve as operator.

Claude Estes, Senior Managing Director and Head of Infrastructure at HMC, noted, “We are excited to expand GPP’s renewable portfolio by acquiring full ownership of these five projects, some of which we have partially owned since 2017. We value our long-standing relationship with Enel and are pleased to continue our partnership through our two jointly owned projects.”

HMC | https://harbert.net/