Missouri has signed a tax equity deal for a 300 MW wind farm in Rock Creek, to be provided by Enel Green Power North America Inc. (EGPNA), a U.S. based renewable energy company.
The project is being carried out by Rock Creek Wind Holdings LLC, who are owned by EGPNA. The agreement was made with Bank of America Merrill Lynch, and J.P. Morgan. The deal is worth around 365 million dollars, and the investors will contribute to the project in trade for 100% of all Class B equity interests.
This essentially means that Bank of America and J.P. Morgan will obtain a percentage of the fiscal benefits of the project. In return for this, Rock Creek Holdings, and by extension EGPNA, will retain full ownership of Class A interests and thus managerial control of the project.
Construction on the wind farm started back in October of 2016, and it is expected to start operating at the end of this year. The Rock Creek plant, once it is fully operational, will be able to generate approximately 1,250 GWh per year. EGPNA’s first wind project in Missouri will provide enough energy to fulfill the yearly energy consumption of more than 100,000 average U.S. households.