General Electric (GE) and Enel Green Power North America are teaming up to build one of the biggest wind farms in the state of Minnesota!
GE will commit $156 million in capital, or about 51% ownership stake in the project, which will see the 200 megawatt (MW) Prairie Rose project use GE made turbines, according to a statement released by GE. Enel Green Power will commit a 49% ownership share, approximately $149 million in capital, and oversee the farm as project manager.
Meanwhile, both Enel Green Power and GE raised about $190 million in tax equity from a syndicate headed by J.P. Morgan. When the project is completed, the tax equity will be invested and cut both GE and Enel Green Power’s stake in the wind project. Other companies in the syndicate include Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Company.
The new project will help boost the local economy, creating 300 construction jobs, while creating close to 12 permanent jobs, and bringing approximately $850,000 annually in local tax revenue.
