New Projects, News, Renewables, Wind

Gulf Pacific Power fund acquires wind projects from GE, Enel in U.S. and Canada

A private equity fund has acquired a majority stake in 812 MW of utility-scale wind projects stretched across the central U.S. and Canada.

Gulf Pacific Power LLC, a fund of Harbert Management Corp. (HMC), bought up 80 percent in EGNPA Renewable Energy Holdings (REP) from GE Energy Financial Services and Enel Green Power North America. EGPNA retains its 20 percent stake and will continue to operate the portfolio.

The EGPNA REP portfolio includes five wind projects. Those are the 235-MW Chisholm View in Oklahoma, the 200-MW Prairie Rose in Minnesota, the 200-MW Goodwell in Oklahoma, the 150-MW Origin in Oklahoma and the 27-MW St. Lawrence wind facility in Newfoundland, Canada.

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

Enel Green Power completed the Chisholm View project earlier this decade and brought Goodwell online in 2016, according to reports. Enel Atlantic opened the St. Lawrence project in 2009.

Gulf Pacific Power is focused on North American power infrastructure and is backed by commitments from the California Public Employees Retirement System and by HMC affiliates.

Two years ago, Gulf Pacific Power took an 80-percent stake in another EGPNA project, the 350-MW Rocky Caney Wind portfolio in Kansas and Oklahoma. The equity fund also has investments in thermal and renewable energy projects in Georgia, California, Florida, Nevada, Pennsylvania and New York.