Enel signs a $330 million tax equity deal in the US

Enel Green Power North America, Inc., the US renewable energy company of the Enel Group – through its subsidiary Thunder Ranch Wind Holdings, LLC, has signed a tax equity agreement worth approximately US$330 million with Alternative Energy Investing Group of Goldman Sachs and GE Energy Financial Services, of General Electric, which concerns the 298 MW Thunder Ranch wind farm in Oklahoma.  
 
Under the agreement, commonly used in the development of renewable energy plants in the United States, the two financial investors will acquire 100% of the "Class B" and "Class C" shares of the project, against payment of the consideration indicated above . This participation will allow the two investors to obtain, under certain conditions established by US tax legislation, a percentage of the tax benefits of the Thunder Ranch facility. For its part, EGPNA, through Thunder Ranch Holdings, will retain 100% ownership of the “Class A” securities and thus project management.  
 
The agreement guarantees the financing commitment of the two investors, and the finalization of the loan is expected at the start of commercial operations of the 298 MW wind farm. 
 
The construction works of Thunder Ranch began last May, and the plant should enter into service by the end of 2017. The total investment in Thunder Ranch is approximately 435 million US dollars, and is included among the investments envisaged by the Enel's current strategic plan.  
 
Once operational, Thunder Ranch will be able to produce more than 1.100 GWh per year, equal to the energy needs of over 89.400 US households, while avoiding the emission of approximately 790.000 tons of CO2 into the atmosphere each year. The plant, once operational, will be eligible to produce credits for renewable energy that will be sold under long-term contracts, including a recently signed agreement with Anheuser-Busch, the US subsidiary of AB InBev , a leading group in the production of beer. 
 
EGPNA is part of the renewable energy division of the Enel Group and is the leading owner and operator of renewable energy plants in North America, where it has plants operating and under development in 22 US states and two Canadian provinces. EGPNA also operates 100 plants with a managed capacity exceeding 3,3 GW, produced from renewable hydroelectric, wind, geothermal and solar sources. The company is currently the second largest wind operator in Oklahoma with eight farms in operation and two under construction: Thunder Ranch and Red Dirt (300 MW). EGPNA's existing wind farms in Oklahoma are Rocky Ridge (150 MW), Chisholm View I & II (300 MW total), Origin (150 MW), Osage Wind (150 MW), Little Elk (74 MW), Goodwell (200 MW) and Drift Sand (108 MW) for a total managed capacity exceeding 1,1 GW. The company's total investment in Oklahoma, which includes both operational and under construction facilities, amounts to more than $2,7 billion.  
 
Enel Green Power, the renewables division of the Enel Group, specializes in the development and management of renewable plants all over the world, and is present in Europe, the Americas, Asia, Africa and Oceania. World leader in the renewable energy sector with a managed capacity of around 39 GW in a generation mix that includes wind, solar, geothermal, biomass and hydroelectric power, Enel Green Power is at the forefront of the integration of innovative technologies such as storage in renewable power plants.