Enel, acting through its renewable subsidiary Enel Green Power North America Inc. (EGPNA), finalized the acquisition of seven fully operational renewable plants in the U.S. with a combined capacity of 650 megawatts (MW), the Italian energy group announced Thursday.
The assets including wind, solar and geothermal plants were acquired from Enel Green Power North America Renewable Energy Partners, LLC (EGPNA REP), an equally owned joint venture between EGPNA and GE Capital’s Energy Financial Services, the energy investing arm of General Electric.
EGPNA manages and operates all the plants, which include the 25 MW Cove Fort geothermal plant in Utah; the 13.4 MW Salt Wells geothermal plant in Nevada; the 59.5 MW Stillwater geothermal-solar facility in Nevada; the 400 MW Cimarron Bend wind farm in Kansas; the 150 MW Lindahl wind farm in North Dakota and the 2.4 MW Sheldon Springs solar PV facility in Vermont.
"The overall consideration paid for the transaction amounts to approximately $256 million, for an enterprise value equal to around $900 million," Enel said in a statement.
According to the press release, this transaction aims to increase the group's consolidated capacity in the key U.S. market, by extracting more value through full ownership of assets that use strategic renewable technologies in line with its 2019-2021 strategic plan.
Following the transaction, EGPNA REP’s capacity has reached around 1.1 gigawatts of hydro and wind assets, which EGPNA will continue to manage and operate.
By Hale Turkes