Eurus Energy America Corporation (“Eurus”) and EDF Renewable Energy (“EDF RE”) are pleased to announce the acquisition by Eurus of a 40 percent cash equity ownership interest in the Spearville 3 Wind Project, a 100.8 MW wind farm developed and built by EDF Renewable Energy.
“The investment in Spearville 3 benefits from a partnership among some of the most experienced sponsors in the North American renewables sector which we look forward to building on.”
Alongside Eurus, a BlackRock managed fund also acquired a 40 percent cash equity ownership interest in Spearville 3. This transaction follows the successful closing of tax equity financing from Bank of America Merrill Lynch (“BofA Merrill”) in December 2012. EDF Renewable Energy remains in the ownership group and will continue to provide long-term operations and maintenance services to the Spearville 3 project through its affiliate EDF Renewable Services.
The Spearville 3 project, located northeast of Dodge City, Kansas, is comprised of 63 GE (General Electric) XLE wind turbines. The project began delivering carbon-free electricity in October 2012 to Kansas City Power & Light under a 20-year power purchase agreement.
“Our investment in Spearville 3 marks an important step in the M&A arena for Eurus,” says EEA President & CEO Mark Anderson. “It also shows the power of partnership – our relationship with EDF Renewable Energy dates back more than ten years – and it expands the Eurus footprint in the Midwest, one of the most robust regions in the US for competitively priced power from wind. We are pleased to be a part of the group including EDF RE, BlackRock and BofA Merrill in investing in the Spearville 3 project.”
“EDF Renewable Energy looks forward to this partnership with Eurus and BlackRock," said Tristan Grimbert, EDF Renewable Energy President and CEO. “As a renewable energy project developer, manager, and operator, we embrace new relationship opportunities to finance our projects with solid, reputable partners.”
“We are pleased to have invested in Spearville 3 alongside Eurus, EDF RE and BofA Merrill,” said Jim Barry, Managing Director, BlackRock. “The investment in Spearville 3 benefits from a partnership among some of the most experienced sponsors in the North American renewables sector which we look forward to building on.”
Source: Business Wire