SAN DIEGO, (October 24, 2012): EDF Renewables, formerly enXco, and Marubeni Corporation announced today that they have signed an agreement under which a subsidiary of Marubeni will acquire a 50 percent economic interest in the 205.5 MW Lakefield Wind Project subject to customary condition precedent.
The Lakefield Wind Project, located in Jackson County Minnesota, is fully operational and supplies carbon-free electricity into the MISO transmission system under a 20-year power purchase agreement with Indianapolis Power & Light. Lakefield commenced operation in 2011 and consists of 137 General Electric 1.5 megawatt wind turbines with the capacity to generate 205.5 megawatts of renewable energy for more than 68,000 homes.
EDF Renewables, formerly enXco Service Corporation, will continue to provide operations and maintenance services. Marubeni will participate in asset management roles working with EDF Renewables in the administration of the project.
“EDF Renewables is pleased to launch this partnership and engage in a business relationship with Marubeni,” said Tristan Grimbert, President and CEO. “As an integrated operator we take a balanced approach to our project portfolio and this agreement provides an opportunity to further our ambition as a world-class renewable project developer. The mutual confidence and collaboration between our two companies demonstrates solid business practices.”
“With this investment we recognize the experience and successful track record of EDF Renewables and we look forward to expanding our relationship in North America and other global markets,” said Toshi Fukumura, President and CEO of New York-based Marubeni Power International, Inc.