Enel Green Power expands U.S. capacity by acquiring Tradewind Energy
Under the agreement, Enel Green Power North America purchased all of Tradewind’s development platform comprising of 13 GW of wind, solar and storage projects located throughout the US. Shortly after the closing of Enel’s purchase of Tradewind, the company signed a definitive agreement with the Macquarie Group’s Green Investment Group to sell Savion, a 100% subsidiary of Tradewind that includes a development platform including 6 GW of solar and storage pipeline projects. Closing the transaction with Macquarie is expected mid-year, pending regulatory approval. Through this sale, the company is able to generate immediate returns on portions of the acquired portfolio, while retaining ownership of a strategic pipeline of around 7 GW of wind projects.
This strategic acquisition will enable Enel Green Power North America to manage all aspects of the renewable value chain in North America, from greenfield development through operations. Following the transaction, the company will integrate Tradewind’s development expertise across key areas of renewable growth for the company including wind, solar and storage.
“Through this deal we are acquiring an experienced renewable development company to help carry out our North American growth strategy across all technologies with even greater speed and efficiency, thereby strengthening our position in the competitive US market,” said Georgios Papadimitriou, head of Enel Green Power North America. “We are further able to capitalize on our investment and secure additional value for our company through the sale of certain development assets that will deliver immediate returns.”
Enel Green Power North America, part of Enel Green Power, is an owner and operator of renewable energy plants in North America with projects operating and under development in 24 U.S. states and two Canadian provinces. The company operates around 100 plants with a managed capacity of around 5 GW powered by renewable hydropower, wind, geothermal and solar energy.
News item from Enel Green Power North America