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Enel Green Power to sell US hydroelectric assets to affiliates of Hull Street

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Enel Green Power to sell US hydroelectric assets to affiliates of Hull Street

Enel Green Power North America Inc. on Oct. 21 requested Federal Energy Regulatory Commission approval of the sale of an upstream stake in certain portfolio companies that own a group of hydroelectric facilities to affiliates of private equity investor Hull Street Energy LLC.

EGPNA Renewable Energy Partners owns certain hydroelectric power plants, with all but one having generation capacity of less than 30 MW that gives them exemption from FERC approval. The one that does require commission approval is the 80-MW Summersville hydro power plant in Nicholas County, W.Va., whose output is sold to Appalachian Power Co.

Under the transaction, Enel Green Power North America will sell its class A voting stake in a business called EGPNA Renewable Energy Partners and a General Electric Co. unit will sell its class B non-voting stake in the company to an affiliate of Hull Street Energy.

The applicants have asked the commission to approve the transaction by Dec. 5. (FERC docket EC20-12)

Enel Green Power is a subsidiary of Enel SpA.