- The overall consideration Enel paid to purchase 100% of the seven fully operational assets, which include geothermal, solar and wind facilities, amounts to 256 million US dollars, for an enterprise value equal to approx. 900 million US dollars
- The transaction is aimed at increasing Enel’s consolidated presence in a key market like the US across strategic technologies, extracting more value from full asset ownership
Rome, March 14th, 2019 – Today, Enel S.p.A. ("Enel"), acting through its renewable subsidiary Enel Green Power North America Inc. ("EGPNA"), finalised the acquisition of 100% of seven fully operational renewable plants totalling 650 MW 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. The overall consideration paid for the transaction amounts to approximately 256 million US dollars, for an enterprise value equal to around 900 million US dollars.
The assets under the transaction, which are all managed and operated by EGPNA, are:
- The 25 MW Cove Fort geothermal plant in Utah;
- The Salt Wells geothermal plant in Nevada, of 13.4 MW;
- The Stillwater geothermal-solar facility in Nevada, of 59.5 MW;
- The 400 MW Cimarron Bend wind farm in Kansas;
- The 150 MW Lindahl wind farm in North Dakota;
- The 2.4 MW Sheldon Springs solar PV facility in Vermont.
In line with the Group’s 2019-2021 Strategic Plan, this transaction aims to increase Enel’s consolidated capacity in the key US market, extracting more value through full ownership of assets that use strategic renewable technologies. Following the transaction, EGPNA REP’s capacity amounts to around 1.1 GW of hydro and wind assets, which will continue to be managed and operated by EGPNA.
Enel Green Power North America, part of Enel Green Power, is a leading owner and operator of renewable energy plants in North America with projects operating and under development in 24 US states and two Canadian provinces. The company operates around 100 plants with a managed capacity of around 5 GW powered by renewable hydropower, wind, geothermal and solar energy. The company is currently the largest wind operator in Kansas and Oklahoma.
Enel Green Power is the Enel Group’s business line dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. Enel Green Power is a global leader in the green energy sector with a managed capacity of around 43 GW across a generation mix that includes wind, solar, geothermal, and hydropower, and is at the forefront of integrating innovative technologies into renewable power plants.