Under the terms of the agreement, GE Energy Financial Services will acquire 49% stake in the EGPNA REP while EGPNA will hold the remaining 51% of the partnership interests.
In addition to operating a 560MW portfolio of wind, geothermal, hydropower and solar generation assets in North America, EGPNA REP is developing a 200MW wind farm in North America, scheduled to be completed by the end of 2015.
The transaction is a part of Enel Green’s efforts to actively manage its portfolio of assets.
Enel Green Power will also be responsible for the daily administration, operation and maintenance activities of EGPNA REP assets.
For an initial period of three years, GE Energy Financial Services will also receive a right of first offer to invest on any projects which are developed or offered for sale by Enel Green Power in North America.
Enel Green Power chief executive officer and general manager Francesco Venturini said: "This partnership brings together two complementary leaders with a common view on the future of renewables development in the U.S.
"Moreover, the transaction is an early and important step forward in the delivery of our strategy to actively manage Enel Green Power’s portfolio of assets and further strengthen our growth opportunities globally."
Image: Enel Green Power sells 49% stake in North America renewable assets. Photo: courtesy of dan/Freedigitalphotos.net.
