KEYFACT Energy
Enel Green Power has closed an agreement today 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.
Shortly after the closing of EGP’s purchase of Tradewind, the company signed an agreement with Macquarie Group’s Green Investment Group to sell Savion, LLC, a 100% subsidiary 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.
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.
This strategic acquisition will enable EGP to manage all aspects of the renewable value chain in North America, from greenfield development through operations. Following the transaction, EGP will integrate Tradewind’s development expertise across key areas of renewable growth for the company including wind, solar and storage.
Georgios Papadimitriou, Head of Enel Green Power North America commented,
“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. 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.