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. (ENEL.MI), have closed an agreement for the sale of NRG’s terrestrial wind
development company, Padoma Wind Power LLC (Padoma), to Enel North America (ENA).
Financial terms were not disclosed.
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 (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
adds depth to our North American development capabilities and provides key geographical
diversification to our wind pipeline,” said Francesco Starace, President of Enel Green Power.
NRG Energy, Inc., (www.nrgenergy.com) a Fortune 500 company, owns and operates one of the country’s largest and most diverse
power generation portfolios. NRG’s 50 plants provide approximately 24,000 megawatts of generation
capacity–enough to power nearly 20 million homes.
Enel Green Power is the renewable power company of Enel S.p.A. aimed at developing and operating
power generation from renewable sources in Italy and around the world. The company’s business
incorporates all of Enel’s activities in the wind, solar, geothermal, hydro and biomass fields in Europe,
North America and Central and South America. With over 4,700 MW of installed capacity and 17.2 TWh
of produced electricity in 2008, Enel Green Power is a leading global company in renewables. Enel North
America, Inc. is a subsidiary of Enel Green Power and operates all EGP renewable energy plants in 20
U.S. States and in three Canadian Provinces.
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