The already strong relationship between the Enel Group and the United States of America has been strengthened with the signing of a $400 million capital contribution agreement between Enel Green Power North America, the U.S. subsidiary of Enel Green Power, and a consortium led by J.P. Morgan.
As part of the agreement, the consortium has committed to funding the construction of two wind farms: Origin in Oklahoma, which will have an installed capacity of 150 megawatts, and the 200 MW Goodwell farm, which will be built on the border between Oklahoma and Texas.
The J.P. Morgan-led consortium will contribute the funds once the plants enter service, which is scheduled for the fourth quarter of 2014 for Origin and the fourth quarter of 2015 for Goodwell. Both projects are associated with long-term power purchase agreements.
'We are pleased to have reached this agreement, which further demonstrates EGP commitment to North America, where we have developed a diversified mix encompassing all renewable energy technologies, from hydropower to solar, geothermal and wind power,' said Enel Green Power CEO Francesco Venturini. 'We have tripled our installed wind power capacity in North America in only the last four years.'
Enel Green Power has more than 90 facilities in 21 U.S. States that have a total installed capacity of just under 1.6 gigawatts. Wind power has the largest with 1,163MW but it's not the only area of development. Recently, the Cove Fort geothermal power plant was awarded the Energy Innovator of the Year of Utah, for its contribution to the development of the sector in the State brought forward thanks to the high technological standard of its wells.
Cove Fort and the Stillwater and Salt Wells plants in Nevada, use medium enthalpy binary cycle, one of the world's most advanced technologies.