Gulf Pacific Power Acquires 80% Stake in 812 MW Wind Portfolio

Gulf Pacific Power has completed the acquisition of an 80 percent stake in an 812 MW portfolio of five operating wind projects located in the US and Canada.

Gulf Pacific Power (GPP) has completed the acquisition of an 80 percent stake in EGPNA Renewable Energy Holdings (REP), a holding company that owns an 812 MW portfolio of five operating wind projects located in the United States and Canada.

GPP formed Gulf Plains Wind to acquire an interest in REP from GE Energy Financial Services and Enel Green Power North America. Enel has retained a 20 percent stake in REP and will continue to operate the Portfolio. Hogan Lovells acted as legal counsel and CohnReznick Capital acted as financial advisor to GPP on the transaction.

The Portfolio includes the 235 MW Chisholm View facility in Grant and Garfield Counties, Oklahoma; the 200 MW Prairie Rose facility in Rock and Pipestone Counties, Minnesota; the 200 MW Goodwell facility in Texas County, Oklahoma; the 150 MW Origin facility in Murray and Carter Counties, Oklahoma; and the 27 MW St. Lawrence facility in Newfoundland, Canada. All of the projects benefit from long-term power purchase agreements with highly rated counterparties.

Gulf Plains Wind represents the second partnership with EGPNA, following GPP’s 2017 acquisition of an 80 percent stake in Rocky Caney Wind, a 350 MW portfolio of wind projects in Kansas and Oklahoma. In addition to Gulf Plains Wind and Rocky Caney Wind, GPP’s current portfolio includes investments in Desert Sunlight, a 550 MW solar photovoltaic power generation facility in Riverside County, California; and many more.

GPP was formed to make equity investments in North American power infrastructure and is backed by commitments from the California Public Employees’ Retirement System (CalPERS) and HMC
(Harbert Management Corporation) affiliates.

“The Gulf Plains Wind investment is a strong strategic fit for GPP and attractive addition to our growing renewables portfolio,” a spokesman for HMC said. “We are pleased with this opportunity to extend and strengthen our existing relationship with Enel Green Power, a world-class renewable energy developer and operator.”