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| Salt Wells Geothermal Power Plant in Nevada. Photo by Ian Crawford. GRC Field Trip 2015. |
Today, Enel S.p.A., acting through its renewable subsidiary Enel Green Power North America Inc. (EGPNA), finalised the acquisition of 100% of seven fully operational renewable plants totalling 650 MW from Enel Green Power North America Renewable Energy Partners, LLC, an equally owned joint venture between EGPNA and GE Capital’s Energy Financial Services, the energy investing arm of General Electric. The overall consideration paid for the transaction amounts to approximately 256 million US dollars, for an enterprise value equal to around 900 million US dollars.
The assets under the transaction, which are all managed and operated by EGPNA, include the following geothermal plants:
- The 25 MW Cove Fort geothermal plant in Utah;
- The Salt Wells geothermal plant in Nevada, of 13.4 MW;
- The Stillwater geothermal-solar facility in Nevada, of 59.5 MW
In line with the Group’s 2019-2021 Strategic Plan, this transaction aims to increase Enel’s consolidated capacity in the key US market, extracting more value through full ownership of assets that use strategic renewable technologies.