Enel Green Power North America divests geothermal and solar assets to ORMAT
Enel S.p.A., through Enel Green Power North America Inc. (EGPNA), has finalized a significant agreement with ORMAT Technologies Inc. for the sale of a renewable asset portfolio in the United States.
The total consideration for the transaction is $271 million, equivalent to approximately 250 million euros, with customary transactional adjustments.
The assets include EGPNA’s complete geothermal portfolio and several small solar plants, totaling about 150 MW of operating capacity.
The completion of this transaction follows the fulfillment of certain conditions precedent. It is expected to positively impact Enel Group’s consolidated net debt by about 250 million euros. However, it will have a negative impact of around 30 million euros on the Group’s reported net income, while not affecting the Group’s ordinary economic results.
Enel S.p.A. Completes $271 Million Renewable Asset Sale to ORMAT in the U.S.
Despite this transaction, the Enel Group’s renewable capacity in the United States remains over 8 GW, maintaining Enel Green Power North America’s status as one of the largest renewable power producers in the region. The sale of these assets aligns with Enel’s strategic focus on optimizing its renewable portfolio and strengthening its position in the U.S. energy market.
The sale of renewable assets by Enel S.p.A. to ORMAT Technologies Inc. represents a strategic move in the energy sector, showcasing the dynamic nature of asset management in renewable energy. This deal not only contributes to the financial stability of Enel but also reflects the company’s commitment to sustainable energy production and market adaptation.