Enel Green Power acquires Padoma Wind Power from NRG Energy
- Padoma is developing about 4,000 megawatts (MW) of potential projects in California – The parties to evaluate co-investments in renewable energy projects in North America.
NRG Energy, Inc. (NYSE: NRG) and Enel North America, Inc., a subsidiary of Enel Green Power, the renewable power company of Enel S.p.A., have closed an agreement for the sale of NRG’s land based wind development company, Padoma Wind Power LLC (“Padoma”), to Enel North America (ENA).
Based in La Jolla, California, Padoma is developing about 4,000 megawatts (MW) of potential projects in California which, once built, will help the state meet its Renewable Portfolio Standard target of 33% of retail sales from eligible renewable energy resources by 2020. Enel North America will retain the entire Padoma development team and the current Padoma development pipeline in California and Texas (“The Padoma Projects”). NRG is maintaining its existing ownership interest in its three Texas wind farms—Sherbino, Elbow Creek and Langford—totaling almost 350 MW of electricity.
The two companies also reached a more general co-investment agreement. NRG will retain a Right of First Offer should ENA seek an equity partner in The Padoma Projects. In addition to that, ENA and NRG will evaluate joint venture opportunities in wind as well as other renewable energy projects in North America.
“Padoma’s current pipeline in California and the experience of its development team will further strengthen our position in the United States and provide us with solid opportunities to grow in attractive markets in the future,” said Francesco Starace, President of Enel Green Power. “Padoma adds depth to our North American development capabilities and provides key geographical diversification to our wind pipeline.”
“Enel’s experience and resources will enable Padoma to realize the full benefits of its development potential, increasing the pipeline of renewable investment opportunities for NRG’s consideration,” said David Crane, President and CEO, NRG Energy, Inc. “Padoma had considerable success developing terrestrial wind projects under NRG’s ownership and we look forward to working with Padoma and Enel and investing in their projects in the future. NRG believes in the value of strong and strategic partnerships such as this one and together, we hope to speed the deployment of new, cleaner power generation projects to meet growing energy demand and respond to future state and federal renewable energy requirements.”
www.nrgenergy.com – www.sec.gov
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