Enel Green Power North America has acquired US renewables developer Tradewind Energy, which has a 7GW pipeline of wind projects, for an undisclosed price.
After closing the deal Enel also agreed to sell Tradewind subsidiary Savion to Macquarie Group’s Green Investment Group. Savion has 6GW of solar and storage in development.
The Macquarie deal is expected to close mid-year, pending regulatory approval.
Enel said the Tradewind deal would enable it to “manage all aspects of the renewable value chain in North America, from greenfield development through operations”.
Enel Green Power North America head Georgios Papadimitriou said: “Through this deal we are acquiring an experienced renewable development company to help carry out our North American growth strategy across all technologies with even greater speed and efficiency, thereby strengthening our position in the competitive US market.
“We are further able to capitalise on our investment and secure additional value for our company through the sale of certain development assets that will deliver immediate returns.”
Enel and Tradewind have been strategic development partners since 2006 and have developed 3.9GW of wind projects in North America together.