Enel Green Power North America Finalizes $375 Million Cash Equity Partnership with GE
Client Enel Green Power North America ("Enel") recently announced the closing of a cash equity partnership agreement worth $375 million with GE Financial Services ("GE"). Under terms of the deal, GE acquired a 51 percent equity stake in the Chisholm View Wind Project under construction in Oklahoma; Enel retained ownership of the remaining 49 percent. Stoel Rives served as special counsel to Enel in the deal.
The Chisholm View Project was developed by TradeWind Energy, LLC and represents one of Oklahoma's largest wind projects to date, with a total installed capacity of 235.2MW once completed. According to TradeWind Energy, the project will contribute up to $5 million annually to the local economy, and create 150 construction and up to 15 permanent jobs. The project is expected to generate enough power to avoid more than 565,000 metric tons of greenhouse gas emissions per year, equivalent to taking approximately 110,000 cars off the road.
Ed Einowski led the Stoel Rives team, with substantial assistance from Kevin Pearson, Alex Mertens and Jason Johns. In addition, Stoel Rives also represented TradeWind Energy, LLC in connection with the negotiation of the power purchase agreement pursuant to which Alabama Power will purchase the output of the Chisholm View Project (led by Ed Einowski) as well as the negotiation of the turbine supply agreement and balance of plant agreement for Chisholm View (led by Alan Merkle and David Hattery).