Enel GP signs $260 mln deal with consortium to fund US wind farm

MILAN, July 9 Tue Jul 9, 2013 4:56am EDT

MILAN, July 9 (Reuters) - Italian renewable energy company Enel Green Power said on Tuesday a consortium led by JP Morgan had agreed to provide about $260 million to fund a wind project in Kansas.

Enel GP, controlled by Italian utility Enel, said in a statement the funds were expected in the fourth quarter of the year after which a tax equity agreement for the Buffalo Dunes project would be signed.

Tax equity accords under U.S. law allocate tax benefits from renewable energy generation companies to passive investors.

The 250 megawatt Buffalo Dunes Wind Project in Kansas is 49 percent owned by Enel GP's U.S. unit.

Enel GP, Europe's No. 2 renewable operator for installed capacity, is focusing its attention away from its core markets of Italy and Spain.