Enel Green Power (EGP), a subsidiary of Italian energy company Enel, has completed the acquisition of Kansas, US-based renewable energy developer Tradewind Energy, for an undisclosed amount.
The Green New Deal seeks to phase-out the use of fossil fuels in a bid to combat the effects of climate change (Credit: Enel S.p.A.)
Tradewind Energy has a portfolio of 13GW comprising of wind, solar and storage projects located across the US. As part of the deal, EGP has purchased Tradewind’s entire development platform.
The deal will allow EGP to manage all aspects of renewable value chain North America. With the completion of the transaction, EGP plans to integrate Tradewind’s development expertise across key areas including wind, solar and storage.
Enel Green Power North America head Georgios Papadimitriou said: “Through this deal we are acquiring an experienced renewable development company to help carry out our North American growth strategy across all technologies with even greater speed and efficiency, thereby strengthening our position in the competitive US market.
“We are further able to capitalize on our investment and secure additional value for our company through the sale of certain development assets that will deliver immediate returns.”
EGP and Tradewind Energy have been strategic partners since 2006. Tradewind is claimed to have supported EGP’s growth in the US wind market. Over the years, through the partnership, EGP was able to construct and begin operations of about 3.9GW of capacity developed by Tradewind.
Shortly after closing the deal, the Italian company entered into an agreement with Macquarie Group’s Green Investment Group to sell Tradewind’s subsidiary Savion which includes 6GW portfolio of solar and storage pipeline projects. The deal with Macquarie is expected to be closed in the middle of this year, after securing regulatory approvals.
Through the sale of 6GW portfolio, EGP claims to have generated immediate returns on portions of the acquired portfolio from Tradewind.
Following the completion of the deal with Macquarie, the company will retain ownership of a pipeline of around 7 GW of wind projects.
Green Energy Americas Head Chris Archer said: “The US solar market presents a very attractive investment opportunity and we see strong fundamentals driving future growth. The commitment we announce today is a continuation of GIG’s strategy in US utility scale solar.”