Goldman, GE ride Thunder road
$330m tax equity deal with Enel for passive stakes in 298MW project
Enel Green Power North America has signed a tax equity agreement worth $330m with Goldman Sachs and GE Energy Financial Services for the 298MW Thunder Ranch wind farm in Oklahoma.
Under the terms of the deal, Goldman Sachs’ alternative energy investment group and GE will buy 100% of class B and class C equity interests in the project.
These interests will allow the investors to obtain a percentage of the financial benefits of the project, Enel said.
Enel Green Power retains 100% ownership of class A shares in the project giving it management control of Thunder Ranch, the company said.
“The agreement secures the funding commitment by the two investors, and the closing of the funding is expected to occur upon achievement of commercial operation of the 298MW wind farm,” Enel said.
The wind farm is expected to start commercial operations by the end of the year, when it will sell a portion of the power generate to brewer Anheuser-Busch.