Enel Green Power North America Inc. (EGPNA) has closed an agreement to purchase Kansas-based renewable developer Tradewind Energy Inc.
EGPNA has acquired all of Tradewind’s projects, comprising a 13 GW development pipeline of wind, solar and storage throughout the U.S.
Of this portfolio, 6 GW will be sold to the Macquarie Group: Shortly after the closing of its purchase of Tradewind, EGPNA signed a definitive agreement with the Macquarie Group’s Green Investment Group to sell Savion LLC, a 100% subsidiary of Tradewind. The subsidiary has a development platform including 6 GW of solar and storage projects.
The closing of the transaction with Macquarie, expected mid-year, is pending regulatory approval. Through this sale, Enel is able to generate immediate returns on portions of the acquired portfolio while retaining ownership of a strategic pipeline of around 7 GW of wind projects.
“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 U.S. market,” states Georgios Papadimitriou, head of EGPNA. “We are further able to capitalize on our investment and secure additional value for our company through the sale of certain development assets that will deliver immediate returns.”
The Enel Group and Tradewind Energy have been strategic development partners since 2006, supporting Enel’s growth in the U.S. wind market. Over the course of this partnership, Enel constructed and began operations of around 3.9 GW of capacity developed by Tradewind. With this new acquisition, EGPNA will further expand its presence in Kansas, where the company has more than 1.4 GW of operational wind power.