- Enel acquires AMP Resources, a company which owns operating and development geothermal generation projects in California, Utah, and Nevada aggregating up to 150 MW.
- This acquisition reinforces the companys global leadership in geothermal energy and confirms Enels commitment to develop renewable energy worldwide.
Rome, March 20, 2007 - Enel, through its subsidiary Enel North America, Inc., announced today the acquisition of AMP Resources, LLC (AMP) from AMP Capital Partners and a minority investor. This acquisition includes one operating and four advanced stage geothermal development projects expected to add approximately 150 MW of capacity over the next four years to Enels North American operations, as well as access to a number of future opportunities.
Located in Nevada, California, and Utah, the projects, once fully developed, are expected to generate enough renewable power for over 100,000 average U.S. households annually.
I am pleased to announce Enels entry into the U.S. geothermal market. These development projects will benefit from Enels expertise in geothermal power and will consolidate and extend Enels leadership in using the earths natural heat to produce zero-emissions electricity. This acquisition further confirms our commitment toward environmentally-friendly technologies worldwide. By 2011 Enel plans to invest globally over 4 billion euros in combating climate change. A plan having few rivals in quality and presence commented Fulvio Conti, Enels CEO.
The agreement calls for an initial payment of approximately $90 million and milestone-based contingent payments. Several former AMP employees located in the Reno, Nevada office will join Enels geothermal development team.
Enel pioneered geothermal electricity generation with projects developed over 100 years ago in Tuscany, Italy in Larderello (Pisa) and the surrounding provinces of Siena and Grosseto. Enel has used innovative operational and drilling techniques to optimize the projects output and over 700 MW remains in full operation today. In early 2002, Enel expanded its geothermal focus to Latin America, partnering with LaGeo S.A. in El Salvador. LaGeo currently operates 178 MW of geothermal generation. In addition, Enel has geothermal development activity underway in Chile, Guatemala, and El Salvador.
The U.S. projects will strengthen Enels experience in generating power from lower temperature geothermal resources.
Enel is Italys largest power company and Europes third-largest listed utility by market capitalization. Listed on the Milan and New York stock exchanges since 1999, Enel has the largest number of shareholders of any European company, at some 2.3 million. It has a market capitalisation of about EUR50 billion at current prices.
With over 19,000 MW of installed renewable capacity in Italy, United States, Canada, Guatemala, El Salvador, Chile, Brazil, Panama, Spain and Slovakia, Enel is a worldwide leader in the generation of electricity from renewable sources.
Enel North America, Inc. (ENA), is a leading owner and operator of renewable energy projects in North America, with project activity in 21 U.S. states and three Canadian provinces. Based in Andover, Massachusetts, Enel North America has a uniquely diversified renewable energy portfolio that includes hydropower, wind, biomass, and now geothermal. ENA currently operates 70 projects with a total installed capacity of around 410 MW. In addition to the recently announced geothermal activity, ENA has 190 MW of wind power under construction with over 1000 MW of wind in the development pipeline.
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