"EDF Renewable Energy looks forward to this partnership with Eurus and BlackRock"
SAN DIEGO & TOKYO--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.
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."
About EDF Renewable Energy:
EDF Renewable Energy - formerly enXco - is a leading U.S. independent power producer with more than 25 years of expertise in the renewable industry, covering all range of services from project development, management to operations and maintenance. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the renewable energy market: biogas, biomass, hydro, marine energy and storage solutions. The company develops, constructs, operates and manages renewable energy projects throughout the United States for its own accord as well as for third parties. EDF Renewable Energy's portfolio consists of over 3.5 gigawatts of developed projects with 1.8 gigawatts of installed capacity. EDF Renewable Energy is the U.S. subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world. For more information visit: www.edf-re.com
About Eurus Energy America Corporation:
Eurus Energy America is the wholly-owned subsidiary of Tokyo-based Eurus Energy Holdings (www.eurusenergy.com) and is responsible for renewable energy investment in the Americas, now comprising more than 770 megawatts in wind and solar power generation. Eurus Energy Holdings, owned by Toyota Tsusho Corporation and Tokyo Electric Power Company, is a global developer, owner and operator of renewable energy facilities, including both wind and solar, with more than 2,300 megawatts worldwide. Eurus Energy America has been active in the United States for over twenty five years, beginning operations in California in 1987.