Enel, through its U.S. renewable subsidiary Enel Green Power North America (EGPNA), has closed an agreement to purchase Kansas-based renewable developer Tradewind Energy, Inc. EGPNA has purchased all of Tradewind’s development platform comprising of 13 GW of wind, solar, and storage projects located throughout the U.S.
Shortly after the closing of Enel’s purchase of Tradewind, the company signed a definitive agreement with the Macquarie Group’s Green Investment Group to sell Savion, LLC, a 100% subsidiary of Tradewind that includes a development platform including 6 GW of solar and storage pipeline projects.
The closing of the transaction with Macquarie, expected mid-year, is pending regulatory approval. Through this sale, the company 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.
This strategic acquisition will enable EGPNA to manage all aspects of the renewable value chain in North America, from greenfield development through operations. Following the transaction, the company will integrate Tradewind’s development expertise across key areas of renewable growth for the company including wind, solar and storage.
“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,” said Georgios Papadimitriou, Head of Enel Green Power North America. “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, headquartered in Lenexa, Kansas, have been strategic development partners since 2006, supporting Enel’s growth in the US wind market. Over the course of this partnership, Enel successfully constructed and began operations of around 3.9 GW of capacity developed by Tradewind.
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