Italian energy company Enel has acquired a portfolio of 650MW renewable energy facilities from Enel Green Power North America Renewable Energy Partners (EGPNA REP) for $256m.
Image: Enel has acquired a portfolio of seven projects that include geothermal, solar and wind facilities. Photo courtesy of Free-Photos from Pixabay.
Enel, acting through its renewable subsidiary Enel Green Power North America (EGPNA), has acquired a portfolio of seven projects that include geothermal, solar and wind facilities.
EGPNA REP is an equally owned joint venture between Enel Green Power North America (EGPNA) and GE Capital’s Energy Financial Services.
The facilities acquired by Enel include 25MW Cove Fort geothermal plant in Utah; 13.4MW Salt Wells geothermal plant in Nevada; 59.5MW Stillwater geothermal-solar facility in Nevada; 400MW Cimarron Bend wind farm in Kansas; and 150MW Lindahl wind farm in North Dakota.
The company, in a statement, said: “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 will amount to 1.1GW in hydro and wind assets and will continue to be managed and operated by EGPNA.
EGPNA has projects across 24 states in the US and in two Canadian provinces. It operates nearly 100 plants with capacity of 5GW. The portfolio includes renewable hydropower, wind, geothermal and solar energy.
Last month, the Italian company’s Brazilian subsidiary Enel Green Power Brasil Participações (EGPB) started building the 716MW Lagoa dos Ventos wind farm in the municipalities of Lagoa do Barro do Piauí, Queimada Nova and Dom Inocêncio, in the country. Considered to be the largest wind plant in South America, the company is spending nearly $700m for the project.
In January, Enel also started construction of the 450MW High Lonesome wind farm in Upton and Crockett Counties, in Texas. Once completed by the end of this year, the project is expected to reduce over 1.1 million tons of CO2 emissions annually, generating nearly 1.7 terrawatt hours of clean energy. The company is investing nearly $600m in the project.