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Enel acquires geothermal assets in Utah and Nevada from U.S. JV with GE Capital

Stillwater hybrid geothermal-solar plant, Nevada (source: Enel, video screenshot)
Alexander Richter Alexander Richter 15 Mar 2019

Enel has announced the acquisition of seven fully operational renewable plants from its U.S. joint venture with GE Capital's Energy Financial Services for $265 million (putting enterprise value of $900m). This includes the geothermal plants of Cove Forth in Utah, Salt Wells and Stillwater in Nevada.

Enel S.p.A., acting through its renewable subsidiary Enel Green Power North America Inc. (“EGPNA”), finalised the acquisition of 100% of seven fully operational renewable plants totalling 650 MW from Enel Green Power North America Renewable Energy Partners, LLC (“EGPNAREP”), an equally owned joint venture between EGPNA and GE Capital’s Energy Financial Services, the energy investing arm of General Electric. The overall consideration paid for the transaction amounts to approximately 256 million US dollars, for an enterprise value equal to around 900 million US dollars.

The assets under the transaction, which are all managed and operated by EGPNA, are:

  • The 25 MW Cove Fort geothermal plant in Utah;
  • The Salt Wells geothermal plant in Nevada, of 13.4 MW;
  • The Stillwater geothermal-solar facility in Nevada, of 59.5 MW;
  • The 400 MW Cimarron Bend wind farm in Kansas;
  • The 150 MW Lindahl wind farm in North Dakota;
  • The 2.4 MW Sheldon Springs solar PV facility in Vermont.

In line with the Group’s 2019-2021 Strategic Plan, this transaction aims to increase Enel’s consolidated capacity in the key US market, extracting more value through full ownership of assets that use strategic renewable technologies. Following the transaction, EGPNA REP’s capacity amounts to around 1.1 GW of hydro and wind assets, which will continue to be managed and operated by EGPNA.

Source: Company release March 14, 2019