January 7, 2019 Read More →

Novel hedge contract behind Enel’s latest Texas wind project

Renewables Now:

Italian utility Enel SpA announced on Friday it has broken ground on the 450-MW High Lonesome wind farm in the US state of Texas.

Located in Upton and Crockett Counties, High Lonesome will require an investment of about USD 600 million (EUR 526.52m).

The project, Enel’s largest wind power facility in its global portfolio, has a proxy revenue swap (PRS) for a 295-MW portion of its output with insurer Allianz Global Corporate & Specialty Inc’s alternative risk transfer unit and Nephila Climate. It was executed in collaboration with renewable energy risk management REsurety Inc.

Under the PRS, the wind farm will receive fixed payments based on the estimated value of its future energy production, Enel explained.

The plant is scheduled to commence operations by the end of 2019. Once fully operational, the wind farm should be able to generate around 1.7 TWh annually as well as offset some 1.1 million tonnes of carbon dioxide (CO2) per year.

Currently, Enel has about 5 GW of renewable capacity in its corporate portfolio in North America.

More: Enel breaks ground on 450-MW US wind park

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