(IN BRIEF) Enel Green Power North America (EGPNA) has signed a swap agreement with Gulf Pacific Power (GPP) to increase its equity stake in operational wind farms in the USA. This agreement will increase Enel’s net installed capacity by 285 MW and is in line with the company’s strategy to expand renewable energy generation. The transaction involves a net cash consideration of 50 million US dollars and is expected to have a positive impact on Enel’s ordinary EBITDA, with a slight negative effect on net financial debt. The deal is subject to regulatory approvals.
(PRESS RELEASE) ROME, 26-May-2025 — /EuropaWire/ — Enel Group announces that its wholly owned subsidiary, Enel Green Power North America (EGPNA), has signed a swap agreement with Gulf Pacific Power (GPP), a joint venture between CalPERS and Harbert Management Corporation. Under the terms of the agreement, EGPNA will increase its indirect equity stake in certain corporate vehicles that own operational wind farms, raising its stake to 51%. In exchange, EGPNA will transfer its stakes in other corporate vehicles, including one holding 100% and others with indirect minority interests, along with a cash consideration.
This transaction will result in an increase of 285 MW in Enel’s net installed consolidated capacity in the United States upon closing. The deal includes a net cash consideration of approximately 50 million US dollars, subject to customary adjustments for such transactions. Following the transaction’s closing, Enel expects a positive annual net impact of around 50 million US dollars (equivalent to about 44 million euros) on its consolidated ordinary EBITDA. The deal is expected to have a slight negative impact on the Group’s net financial debt, estimated at around 20 million US dollars (approximately 18 million euros).
The completion of the transaction is contingent upon the fulfillment of certain conditions, including approval from the US Federal Energy Regulatory Commission and consent from Tax Equity Partners.
This transaction aligns with Enel Group’s strategy to enhance its renewable energy generation capacity, particularly by acquiring operational assets (Brownfield projects). Enel’s total net installed consolidated renewable capacity in the USA reached 11,620 MW in the first quarter of 2025.
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