Enel Green Power North America (EGPNA) has signed a swap agreement with Gulf Pacific Power (GPP) in which the former will increase its indirect equity stake in certain corporate vehicles owning wind farms, bringing it to 51%.
This will be in exchange for its stakes in other corporate vehicles owning wind farms, one amounting to 100% and the others which are indirect minority interests, and for a cash consideration, Enel said.
Upon transaction closing, Enel will increase its net installed consolidated capacity in the USA by 285MW.
The agreement provides for a net consideration of about US$50m in cash to be paid by EGPNA, subject to an adjustment mechanism customary for these kinds of transactions.
Following the transaction’s closing, an annual positive net effect of approximately US$50m (equivalent to around €44m) is estimated on the Enel Group´s consolidated ordinary EBITDA.
The transaction has an overall negative impact on the Group’s net financial debt estimated as of today at about US$20m (equivalent to approximately €18m).
The completion of the transaction is subject to the fulfillment of certain conditions precedent, including the authorization by the US Federal Energy Regulatory Commission and the consent of Tax Equity Partners.
The transaction is in line with the Enel Group’s strategy to increase the generation capacity from renewable sources, including through the acquisition of assets already in operation (Brownfield).
Enel’s total net installed consolidated renewable capacity in the USA amounted to 11,620MW in the first quarter of 2025.