Enel Green Power North America Sells 150MW of Renewable Assets to ORMAT Technologies for $271M

Credit: Enel Green Power

Enel Green Power (EGPNA) has entered into an agreement with ORMAT Technologies for the sale of approximately 150MW of operational and facilities. The total consideration for the renewable asset portfolio in the amounts to $271 million (approximately €255 million), subject to customary adjustments.

The deal aligns with Enel's strategic focus on asset rotation to improve returns on capital employed and to simplify the group's organizational structure. The transaction is projected to have a positive impact of €255 million on the Enel Group's consolidated net debt, while affecting the group's reported negatively by around €35 million. However, Enel clarified that the deal would not impact the group's ordinary economic results.

The assets involved in the transaction encompass Enel's entire geothermal portfolio in the United States, along with several small solar plants. Despite the sale, Enel emphasized that this would not alter the profile of its 8GW Renewable Consolidated Capacity in the United States.

The closing of the sale is anticipated in the coming months and is subject to standard conditions precedent, including clearance from competent Antitrust authorities.

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