Enel Green Power North America (EGPNA), a subsidiary of Italian energy company Enel, has entered a swap agreement with Gulf Pacific Power (GPP), an infrastructure fund managed by Harbert Management, to expand its renewable capacity in the US.
The deal will increase EGPNA’s indirect equity stake in wind farm-owning corporate vehicles to 51%, in exchange for its stakes in other wind farms and a cash consideration.
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The transaction will result in Enel boosting its net installed consolidated capacity in the US by 285MW.
EGPNA has agreed to a net cash consideration of $50m, subject to customary adjustments.
The strategic move will have a positive annual net effect of $50m on Enel Group’s consolidated ordinary earnings before interest, taxation, depreciation and amortisation.
However, it will also slightly negatively impact the group’s net financial debt, estimated at $20m.
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By GlobalDataCompletion of the swap deal is contingent upon approvals from the US Federal Energy Regulatory Commission and the consent of tax equity partners.
The transaction aligns with Enel Group’s strategy to bolster its renewable energy generation capacity, particularly through acquiring operational assets.
As of the first quarter of 2025, Enel’s total net installed consolidated renewable capacity in the US reached 11.62GW.
Enel has reported revenue of €22bn ($23.8bn) in the first quarter of 2025 – a 13.6% increase from the same period of 2024.
In February 2025, Enel North America signed a power purchase agreement with technology company Meta for a 115MW portion of the Rockhaven wind farm in the US state of Oklahoma.
