Enel has announced the acquisition of seven fully operational renewable plants from its U.S. joint venture with GE Capital's Energy Financial Services for $265 million (putting enterprise value of $900m). This includes the geothermal plants of Cove Forth in Utah, Salt Wells and Stillwater in Nevada. Enel S.p.A., 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 (“EGPNAREP”), 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: 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. Source: Company release March 14, 2019
Italian energy giant Enel has acquired full ownership of seven operational renewable plants from its joint venture (JV) partner GE Capital's Energy Financial Services in a $265m deal. The wind, solar and geothermal plants, based in Utah , North Dakota , Kansas , Vermont and Vermont , have a combined 650 MW capacity. Enel Green Power North America Renewable Energy Partners , the renewable subsidiary of Energy Financial Services , fully acquired the facilities from the joint venture Enel Green Power North America Renewable Energy Partners , which now has seven GW capacity of hydro and wind installations.