GE and Enel Green Power to build one of Minnesota’s largest wind farms
Hardwick, USA –GE Energy Financial Services has committed approximately $156 million in common equity for 51 percent of the 200-megawatt Prairie Rose wind project under construction in southern Minnesota.
Enel Green Power North America committed approximately $149 million for a 49 percent ownership stake and serves as project manager. GE signed an agreement last year with Enel Green Power to supply 119 of GE’s 1.68-megawatt wind turbines for the project. The project is located near Hardwick, northwest of Luverne. Construction, managed by Minneapolis-based Mortenson Construction, is expected to be completed later this year. Enel Green Power North America will have the option to purchase up to an additional 26 percent ownership stake from the GE unit later in 2012 and in 2013.
This transaction expands GE Energy Financial Services’ and Enel Green Power North America’s portfolio of co-owned wind projects. The companies had also invested in the 235-megawatt Chisholm View wind project under construction in Oklahoma, in the 101-megawatt Smoky Hills wind farm in Kansas and the 63-megawatt Snyder wind farm in Texas.