Enel to divest majority stake in two windfarms for $233m

4 December 2017 (Last Updated December 4th, 2017 10:30)

Enel has signed a cash equity agreement through its US renewables division Enel Green Power North America (EGPNA).

Enel has signed a cash equity agreement through its US renewables division Enel Green Power North America (EGPNA).

The deal will divest an 80% stake in the Caney River and Rocky Ridge windfarms to investment fund Gulf Pacific Power for around $233m.

EGPNA intends to continue managing, operating, and maintaining both farms, while deconsolidating a $140m debt.

Located in Kansas, the 200MW Caney River windfarm generates around 765GWh per year, while the 150MW Rocky Ridge farm in Oklahoma is able to generate approximately 600GWh annually.

“The 200MW Caney River windfarm generates around 765GWh per year, while the 150MW Rocky Ridge farm in Oklahoma is able to generate approximately 600GWh annually.”

Under long-term power purchase agreements (PPA), Caney River sells electricity output to the Tennessee Valley Authority, while Rocky Ridge provides output to the Western Farmers Electric Cooperative.

Enel Green Power head Antonio Cammisecra said: “Today’s agreement with a new investment partner reinforces the success and confirms the appeal of our continued industrial growth strategy throughout the build, sell, and operate model to support new growth opportunities both in North America and other markets around the world.

“This strategy allows us to be more financially agile as we continue to invest in more renewable energy projects in the five continents.”

With presence in Europe, the Americas, Asia, Africa, and Oceania, Enel Green Power develops and operates renewables such as wind, solar, geothermal, biomass, and hydropower.

The firm expects to complete the transaction by the end of this year.