Monday, November 21, 2016

USA: Enel Green Power North America and GE Energy to form Joint Partnership to Develop Renewable Energy

Enel Group and GE Energy Financial Services Sign Letter Agreement To Turn U.S. Partnership EGPNA REP Into Joint Venture

ENEL operates 98 MW of geothermal energy power plants in USA

Under the letter agreement, Enel Green Power North America, Inc. (EGPNA) and GE Energy Financial Services intend to close a transaction that will see EGPNA sell a 1% stake in EGPNA REP to GE Energy Financial Services at a price to be fixed at a later stage, as well as to revise their partnership agreement, creating an equally owned joint venture.

Following the transaction, which is subject to regulatory approvals, EGPNA will continue to manage EGPNA REP assets, which at present have an installed capacity of around 1,200 MW

Upon completion of the transaction, the Enel Group will deconsolidate EGPNA REP’s debt (approximately 500 million US dollars) and installed capacity.

Enel Green Power North America, Inc. operates the 13.4 MW Salt Wells geothermal power plant in Nevada, the 59.5 Stillwater Hybrid Geothermal/Solar plant in Nevada and the 25 MW Cove Fort plant in Utah.

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