Enel Green Power North America (EGPNA), has signed an agreement with ORMAT Technologies (ORMAT), for the sale of around 150MW of operational geothermal and solar facilities.
The renewable asset portfolio in the US has been sold for a total consideration of US$271m (approximately €255m), subject to adjustments customary for these kinds of transactions.
Enel said the deal is in line with its strategic priorities, leveraging on asset rotation to foster returns on capital employed in support of future development plans while achieving a progressive simplification of the group’s structure.
The overall transaction is expected to generate a positive effect on Enel Group´s consolidated net debt of €255m and a negative impact of around €35m on the Group’s reported EBITDA.
Enel said this would bear no impact on group ordinary economic results.
The transaction involves Enel’s entire geothermal portfolio in the United States plus several small solar plants.
The announced agreement does not alter the profile of the Enel Group’s 8GW Renewable Consolidated Capacity in the USA, the developer said.
The closing of the sale, expected in the forthcoming months, is subject to certain conditions precedent customary for these kinds of transactions, including the clearance from competent Antitrust authorities.