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Reuters
26-05-2025
- Business
- Reuters
Italy's Enel to raise US green energy capacity with wind farms swap
MILAN, May 26 (Reuters) - Italy's biggest utility Enel ( opens new tab has signed a swap deal with U.S. Gulf Pacific Power covering some wind farm assets which will boost its net consolidated green capacity in the United States by 285 megawatts, it said on Monday. The deal is part of Enel's strategy to up its generation capacity from renewable sources also through the acquisition of so-called 'brownfield' assets, which are projects already in operation. Enel's total net installed consolidated green capacity in the United States amounted to 11,620 MW in the first quarter of 2025. Enel, through its subsidiary Enel Green Power North America, will pay GPP about $50 million, subject to an adjustment mechanism. It did not specify the assets that will be included in the agreement. The deal, when completed, will boost the group's ordinary earnings before interest, taxes, depreciation and amortisation (EBITDA) by approximately $50 million. The transaction will increase its net financial debt by about $20 million.
Wall Street Journal
26-05-2025
- Business
- Wall Street Journal
Enel Increases U.S. Renewable Energy Capacity in Swap, $50 Million Cash Deal
Enel ENEL -0.55%decrease; red down pointing triangle will increase its renewable energy capacity in the U.S. via a deal with Gulf Pacific Power in which it will pay around $50 million in cash, and swap ownership in corporate vehicles owning wind farms. The Rome-based energy company said Monday that a swap agreement between its subsidiary Enel Green Power North America and Gulf Pacific Power will increase its consolidated renewable capacity in the U.S. by 285 megawatts. In the first quarter of the year, Enel's consolidated renewable capacity was 11,620 megawatts, it said. The deal will increase its indirect equity stake in corporate vehicles owning wind farms via swaps, and will see Enel pay around $50 million dollars in cash. The deal is expected to boost Enel's annual ordinary earnings before interest, taxes, depreciation and amortization by around $50 million, and increase its net financial debt by around $20 million. The agreement is subject to regulatory approval. Write to Adam Whittaker at
