Enel Green Power North America and GE Energy Financial Services have signed an agreement to turn EGPNA Renewable Energy Partners into a 50:50 joint venture with 1.2GW of clean power assets.
Under the terms of the agreement, Enel Green Power North America will sell a 1% stake in EGPNA Renewable Energy Partners to GE Energy Financial Services at a price to be fixed at a later date.
The deal raises GE’s stake in the partnership to 50% from 49% and reduces Enel’s to 50% from 51%.
The transaction, which is subject to all required regulatory approvals, is expected to close in December.
Enel Green Power North America will continue to manage JV’s assets and upon completion of the transaction, Enel Group will deconsolidate EGPNA Renewable Energy Partners’ debt – approximately $500m – and capacity.
The partnership was launched in March 2015 and currently has assets including 46 wind, geothermal, hydropower and solar plants.
Image: Enel
