Enel Signs $500 mln Equity Deal for U.S. Wind Project

The U.S. renewable unit of Italy's biggest utility Enel has signed a tax equity agreement with Bank of America Merrill Lynch, JP Morgan and MetLife for a 400 MW U.S. wind project.

Under the deal the investors will pay about $500 million to the wind farm's owner Cimarron Bend Wind Holdings in exchange for all "Class B" Membership interests in the project, which give them fiscal benefits. Enel Green Power North America will keep all "Class A" interests giving it management control of the project. The Cimarron Bend wind farm is due to start operations in 2017 and will require an investment of about $610 million. Reportedly, Cimarron Bend will generate around 1.8 terawatt-hours of power per year when operational.

Reporting by Stephen Jewkes