Enel Green Power North America is acquiring the renewables developer that has partnered with it on several projects.
The U.S. clean energy wing of Italian firm Enel is buying Kansas-based Tradewind Energy. Under the deal, Enel Green Power North American is acquiring the development platform including 13 GW in wind, solar and storage projects throughout the U.S.
“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 then signed a definitive agreement with the Macquarie Group’s Green Investment Group to sell Savion, LLC, a unit of Tradewind that includes a development platform including 6 GW of solar and storage pipeline projects. The closing of the transaction with Macquarie, expected mid-year, is pending regulatory approval.
This strategic acquisition will enable Enel Green Power North America to manage all aspects of the renewable value chain in North America, from greenfield development through operations, the company said. Following the transaction, the company will integrate Tradewind’s development expertise across key areas of renewable growth for the company including wind, solar and storage.
Enel and Tradewind have been strategic development partners since 2006. The company built and started operations on around 3.9 GW of capacity developed by Tradewind.