Enel Green Power North America (EGPNA), a unit of Italy’s Enel Group, has agreed to a swap transaction with Gulf Pacific Power (GPP) that will see EGPNA raise its indirect equity stake in certain wind power assets to 51%, the company said on Monday.
The agreement involves exchanging full and partial stakes in other wind farm corporate vehicles, as well as a cash payment by EGPNA. Upon completion, Enel’s net installed consolidated capacity in the United States is expected to rise by 285 megawatts (MW).
“The agreement will allow us to further consolidate our presence in the U.S. renewables market while optimizing our asset portfolio,” an Enel spokesperson said in a statement.
The deal includes a net cash consideration of approximately $50 million, subject to customary adjustments. Enel estimates the transaction will result in a positive annual impact of around $50 million on the Group’s consolidated ordinary EBITDA.
Despite the operational gains, the deal is expected to have a negative impact of about $20 million on the Group’s net financial debt, Enel added.
Finalization of the deal is contingent on regulatory approval from the U.S. Federal Energy Regulatory Commission, along with consent from Tax Equity Partners.
The move aligns with Enel’s broader strategy to expand its renewable energy footprint, particularly through the acquisition of existing (brownfield) operational assets.
As of the first quarter of 2025, Enel’s total net installed consolidated renewable capacity in the U.S. stood at 11,620 MW.
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