Enel announces that its wholly owned subsidiary, Enel Green Power North America (EGPNA), has signed a swap agreement with Gulf Pacific Power (GPP) involving operational wind farms. Under the agreement, EGPNA will increase its indirect equity stake in certain companies owning wind farms to 51%, in exchange for its stakes in other companies—one fully owned (100%) and others minority interests—as well as a cash payment.

Upon closing, Enel’s net installed consolidated renewable capacity in the USA will increase by 285 MW.

The company also stated that the agreement involves a net cash consideration of about 50 million US dollars and is expected to have a positive annual impact on the Group’s consolidated ordinary EBITDA of approximately 50 million US dollars. However, Enel noted a negative impact on its net financial debt estimated at around 20 million US dollars.

The transaction’s completion depends on certain conditions precedent, including approval from the US Federal Energy Regulatory Commission and consent from Tax Equity Partners.

This transaction aligns with Enel Group’s strategy to increase renewable generation capacity through the acquisition of operational assets (Brownfield).