Enel Green Power SpA, Italy’s biggest clean-energy company, signed an agreement to receive about $400 million in funding for two U.S. wind farms.
A group led by JPMorgan Chase & Co. plans to fund the 150-megawatt Origin project in Oklahoma and the 200-megawatt Goodwell project, which spans both Oklahoma and Texas, according to a statement on Rome-based Enel’s website. The funders will receive an equity stake with limited voting rights, allowing it to share in the two projects’ “fiscal benefits,” Enel said.
The funds will be awarded when the wind farms begin generating power. Origin is expected to be operational in the fourth quarter. Goodwell is estimated to come online in the fourth quarter of next year. Both projects have power-purchase agreements.