Enel Green Power North America Inc (EGPNA), a subsidiary of the Italian power utility Enel, has acquired 650 MW of US renewable energy assets from its equally-owned joint venture (JV) with the energy investing arm of General Electric, GE Capital’s Energy Financial Services. The overall amount paid under the transaction reaches US$256m for an enterprise value equal to approximately US$900m. The transaction entails wind, solar PV and geothermal assets and the largest ones are the 400 MW Cimarron Bend wind park in Kansas and the 150 MW wind park in North Dakota.
North America is strategic for Enel, which broke ground on the 497 MW Roadrunner solar power plant in Upton County, Texas (United States) through EGPNA earlier in March 2019. Roadrunner is Enel's second project to begin construction in Texas in 2019, following the 450 MW High Lonesome wind park project (Upton and Crockett counties) in January, which will generate about 1.7 TWh/year once fully operational. Both are being built under the framework of Enel’s 2019-2021 strategic plan, which aims to increase Enel’s consolidated capacity in the key US market. Following the transaction, EGPNA will operate around 1.1 GW of hydropower and wind assets.