Enel Buys into U.S. Geothermal Market with 150 MW Acquisition of AMP

In an acquisition that includes one operating and four advanced stage geothermal development projects in Nevada, California and Utah, Italian-based Enel, through its subsidiary Enel North America, Inc.(ENA) acquired AMP Resources, LLC from AMP Capital Partners.

The agreement, with an initial payment of approximately $90 million, is expected to add 150 megawatts (MW) of geothermal capacity over the next four years to Enel’s North American operations, as well as provide access to future opportunities. “This acquisition further confirms our commitment toward environmentally friendly technologies worldwide. By 2011 Enel plans to invest globally over 4 billion euros in combating climate change,” said Fulvio Conti, Enel’s CEO, noting several former AMP employees located in the Reno, Nevada, office will join Enel’s geothermal development team. In early 2002, Enel expanded its geothermal focus to Latin America, partnering with LaGeo S.A. in El Salvador, which currently operates 178 MW of geothermal generation. With projects developed more than 100 years ago in Tuscany, Italy in Larderello (Pisa) and surrounding provinces, Enel has optimized the projects’ output so that more than 700 MW remains in full operation. Worldwide, Enel has 19,000 MW of installed renewable capacity in Italy, the U.S., Canada, Guatemala, El Salvador, Chile, Brazil, Panama, Spain and Slovakia. Enel North America’s renewable energy portfolio includes hydropower, wind, biomass, and now geothermal. ENA has 190 MW of wind power under construction with more than 1000 MW of wind in the development pipeline.
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