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Enel buys 13-GW US renewables pipeline, immediately sells almost half

Image by Enel Green Power SpA (www.enelgreenpower.com)

March 27 (Renewables Now) - Enel Green Power North America Inc has bought Kansas-based renewables developer Tradewind Energy Inc together with its 13-GW development pipeline, but has immediately agreed the sale of a portion of that platform, it was announced today.

The US renewables subsidiary of Italian energy major Enel SpA (BIT:ENEL) said it has taken possession of Tradewind Energy’s pipeline of wind, solar and storage projects located throughout the US. However, shortly after closing this purchase, Enel has agreed to sell Savion LLC to Macquarie Group’s (ASX:MQG) Green Investment Group (GIG).

Savion is a 100% unit of Tadewind that holds a 6-GW pipeline of solar and storage projects. By offloading this firm, Enel is able to generate immediate returns on portions of the newly acquired portfolio and still retain a strategic pipeline of wind projects totalling 7 GW, it said.

Enel and Tradewind have been strategic development partners since 2006, during which time the Italian company has successfully realised some 3.9 GW of projects developed by the US firm. The acquisition of Tradewind now allows Enel to manage all aspects of the renewable value chain in North America, it noted.

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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