Client Enel Green Power North America, Inc. recently announced a capital contribution agreement with an investor syndicate led by JP Morgan. Under terms of the deal, the syndicate will make a cash contribution of approximately $220 million to the Chisholm View Wind Project under construction in Oklahoma. In return, the syndicate will receive a share of tax equity benefits associated with Chisholm View, including a production tax credit. Stoel Rives served as special counsel to Enel in the deal.
Chisholm View was developed by TradeWind Energy, LLC and represents one of Oklahoma's largest wind projects to date, with a total installed capacity of 235.2 MW once completed. According to TradeWind Energy, the project will contribute up to $5 million annually to the local economy, and create 150 construction and up to 15 permanent jobs. The project is expected to generate enough power to avoid more than 565,000 metric tons of greenhouse gas emissions per year, equivalent to taking approximately 110,000 cars off the road. It is expected to begin producing power by the end of the year.
Ed Einowski led the Stoel Rives team, with substantial assistance from Kevin Pearson, Alex Mertens, Adam Kobos and Jason Johns. Einowski had previously represented Enel in a cash equity partnership agreement worth $375 million with GE Financial Services, involving Chisholm View. In addition, Stoel Rives represented TradeWind Energy in the negotiation of the power purchase agreement pursuant to which Alabama Power will purchase the output of Chisholm View (led by Ed Einowski) as well as in the negotiation of the turbine supply agreement and balance of plant agreement for Chisholm View (led by Alan Merkle).