Enel Green Power North America (EGPNA) has signed an asset swap agreement with Gulf Pacific Power (GPP). Under the terms of the agreement, EGPNA will raise its indirect equity stake to 51% in selected corporate vehicles that own wind farms. In exchange, EGPNA will transfer its interests in other wind farm vehicles, including one full ownership stake and several indirect minority holdings, along with a cash payment.
As a result of the transaction, Enel’s net installed consolidated capacity in the USA will increase by 285 MW. EGPNA will pay a net cash consideration of approximately USD 50 million, subject to standard adjustment mechanisms.
The agreement is expected to have a positive annual impact of around USD 50 million (approximately EUR 44 million) on the Enel Group’s consolidated ordinary earnings before interest, taxes, depreciation and amortisation. However, the transaction will increase the Group’s net financial debt by an estimated USD 20 million.
Completion of the deal is subject to certain conditions precedent, including approval from the US Federal Energy Regulatory Commission and consent from the Tax Equity Partners.
As of the first quarter of 2025, Enel’s total net installed consolidated renewable capacity in the USA stood at 11,620 MW.
