SAN DIEGO, CA--(Marketwire - Oct 24, 2012) - EDF Renewable Energy, 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 Renewable Services, formerly enXco Service Corporation, will continue to provide operations and maintenance services. Marubeni will participate in asset management roles working with EDF Renewable Energy in the administration of the project.
"EDF Renewable Energy 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 Renewable Energy 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.
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 4.5 gigawatts of developed projects with 1.5 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 EDF Renewable Services:
EDF Renewable Services -- formerly enXco Service Corporation -- is the leading third-party provider of operations and maintenance services in North America. With 25 years of experience, EDF Renewable Services understands renewable energy facilities represent a substantial investment. The company takes an owner-operator approach to ensure maximum returns on the asset, full project value, and ongoing profitability for new and existing facilities. As part of a global organization with utility-scale wind and solar plants, the company brings depth of experience to every project. With more than 6 gigawatts of wind and solar under contract, EDF Renewable Services is the trusted leader in O&M. For more information visit: www.edf-renewable-services.com
About Marubeni Corporation:
Marubeni Corporation was founded in 1858 and incorporated in 1949 with its principal office located in Tokyo, Japan. It manages business across a wide range of industrial sectors throughout the world, and is a publicly traded company quoted on three stock exchanges in Japan: Tokyo, Osaka, and Nagoya. Marubeni first established its power industry presence through the EPC business, with more than 96.5 GW supplied/constructed all over the world in various fuel and technology types. Marubeni expanded its business into the IPP arena in the early 1990's, and now owns 8,855 MW of net generating capacity (30,009 MW gross capacity). Marubeni manages its electricity sector investments in the North American electricity market through Marubeni Power International, Inc., based in New York, NY. For more information, please visit www.marubeni.com or www.marubeni-power.com.