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.
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