Enel, through its US renewable subsidiary Enel Green Power North America, has closed an agreement to purchase Kansas-based renewable developer Tradewind Energy.
Courtesy of Enel
Under the agreement, Enel Green Power North America purchased all 13 GW of Tradewind’s development platform including wind, solar and storage projects located throughout the US.
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 percent 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.
“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 US market,” saidGeorgios Papadimitriou, head of Enel Green Power North America.
The Enel Group and Tradewind Energy, headquartered in Lenexa, Kansas, have been strategic development partners since 2006. Over the course of this partnership, Enel constructed and began operations of around 3.9 GW of capacity developed by Tradewind. With this current acquisition, Enel Green Power North America will further expand its presence in Kansas where the company is the largest wind operator with more than 1.4 GW of operational wind energy.