Enel Green Power (EGP) says it has closed a deal to purchase Kansas-based renewable developer Tradewind Energy, Inc.
Under the agreement, EGP purchased all of Tradewind’s development platform comprising of 13 GW of wind, solar and storage projects located throughout the US.
It has already reached an agreement with Macquarie Group’s Green Investment Group to sell Savion, a Tradewind subsidiary with a 6 GW solar and storage development pipeline.
“Through this sale, EGP 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,” EGP said in a statement.
The closing of the transaction with Macquarie, expected mid-year, is pending regulatory approval, it added.
“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,” 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.”
Enel Green Power and Tradewind Energy, headquartered in Lenexa, Kansas, have been strategic development partners since 2006, supporting EGP’s growth in the US wind market.
Over the course of this partnership, EGP successfully constructed and began operations of around 3.9 GW of capacity developed by Tradewind.
With this current acquisition, Enel Green Power 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.