Enel Green Power North America (EGPNA), the subsidiary of Enel has secured an agreement to acquire Kansas-based renewable developer Tradewind Energy.
As part of the deal, EGPNA acquired Tradewind’s 13GW development pipeline.
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EGPNA 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 capitalise on our investment and secure additional value for our company through the sale of certain development assets that will deliver immediate returns.”
The acquisition of Tradewind Energy’s entire pipeline will enable EGPNA to manage all aspects of the renewable value chain in North America.
Since 2006 Enel Group and Tradewind Energy have been working together as strategic development partners.
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By GlobalDataAdditionally, EGPNA signed a definitive agreement to divest 6GW of the acquired 13GW pipeline to Macquarie Group’s Green Investment Group.
Subject to regulatory approval, the deal with Macquarie is expected to close in the middle of 2019.
Upon completion of the deal, EGPNA will integrate Tradewind’s development expertise across key areas in the company.
In January this year Enel Green Power North America started construction works for its largest wind farm, the 450MW High Lonesome facility in Upton and Crockett Counties, Texas.
Built with an overall investment of around $600m, the project is part of the investment outlined in Enel’s 2019-2021 strategic plan.
Once complete, it will be the largest wind farm in Enel’s global renewables portfolio.
