Thursday, December 15, 2016

USA: Enel Green Power North America and GE Form Joint Venture

Enel Group and GE Energy Financial Services Turn U.S. Partnership EGPNA Rep Into Joint Venture (News Release)

Enel S.p.A., through its US-based renewables subsidiary Enel Green Power North America, Inc. (EGPNA), has signed and closed an agreement with GE unit GE Energy Financial Services, under which EGPNA sold a 1% stake in EGPNA Renewable Energy Partners, LLC (EGPNA REP) to GE Energy Financial Services, for about 10 million US dollars.

As a result of the transaction, EGPNA has reduced its stake in EGPNA REP to 50% from 51% and GE Energy Financial Services increased its stake to 50% from 49%. The two companies also revised their Limited Liability Company agreement, converting EGPNA REP into an equally owned joint venture.

Francesco Venturini, Enel’s Head of Global Renewable Energies, stated: “This transaction reinforces the key pillars of Enel’s global growth strategy, while also strengthening our position in the North American market. Through the joint venture we’ve just created, the US has become the first country where we are carrying out our new industrial growth strategy driven by a less capital intensive ‘Build, Sell and Operate’ model, which will ultimately help us accelerate the development of our large global pipeline.”

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