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Enel completes acquisition of 650-MW renewable portfolio from joint venture

Enel SpA completed the acquisition of seven renewable projects from its U.S. joint venture, EGPNA Renewable Energy Partners LLC, for approximately $256 million.

The acquired portfolio, with a combined capacity of about 650 MW, includes: the 25-MW Cove Fort geothermal project in Utah; the 13.4-MW Salt Wells geothermal and 59.5-MW Stillwater geothermal-solar facilities in Nevada; the 400-MW Cimarron Bend wind farm in Kansas; the 150-MW Lindahl wind project in North Dakota; and the 2.4-MW Sheldon Springs solar facility in Vermont, according to March 14 release. The projects are fully operational and have an enterprise value of about $900 million.

The deal is part of Enel's 2019-to-2021 strategic plan that aims to increase the company's combined capacity in the U.S. market.

Enel's U.S.-based renewables subsidiary, Enel Green Power North America Inc., will continue to manage and operate EGPNA REP's approximately 1.1 GW of hydro and wind projects.

EGPNA REP is a joint venture between Enel Green Power and GE Energy Financial Services. GE Energy Financial Services is the energy investment unit of General Electric Co.

General Electric recently announced plans to sell its half of EGPNA REP as part of its effort to reduce debt and strengthen its power business.