Enel is looking forward to increasing nearly 1 gigawatt of renewable energy capacity every year during the 2019 – 2021 period.
Enel Green Power, Italian multinational renewable energy enterprise has completed acquisition agreement with its long-time partner the U.S. based Tradewind Energy. This pact underscores the Italian firm’s commitment for utilizing renewable energy in the U.S. despite decreased federal subsidies.
With this contract, Enel will be enabled to develop in-house wind, solar and energy storage projects in its Massachusetts unit. According to a press release, EGP-NA sold off the Tradewind’s Savion Unit to Macquarie Group once the deal was sealed.
Enel will continue to possess Tradewind’s 7-GW pipeline of the onshore wind projects. Furthermore, it will take steps to integrate the partner’s expertise in solar and storage. The financial terms of neither deal were made public.
Tradewind Energy located in Kansas is one of the noteworthy developers of various U.S. wind projects. The firm is reported to have a leading position in the nation’s central wind-energy corridor.
The strategic relationship between the two companies initiated over a decade back has assisted the Italian firm to morph into one of the biggest utility-scale renewables in America. Enel is looking forward to increasing nearly 1 gigawatt of renewable energy capacity every year during the 2019 – 2021 period.
Earlier in March, Enel Green Power in North America also finalized the acquisition of 7 renewable plants that included 650MW from GE Energy Financial Services.
The Tradewind acquisition is an indicator of EGP-NA’s further strategies. It is signaling to the fact that the company will concentrate in-house capacity development rather than purchasing advanced projects from external developers.
Georgios Papadimitriou, the Head of EGP-NA was reported to say that the acquisition will accelerate the company’s growth in the dynamically competitive U.S. market. He elaborated that the company aims to capitalize on its investments and achieve additional value by selling certain assets that guarantee immediate returns.