Enel Sells US Renewable Asset Portfolio to ORMAT for $271 Million

Enel Sells US Renewable Asset Portfolio to ORMAT for $271 Million

(IN BRIEF) Enel, through its subsidiary Enel Green Power North America (EGPNA), has completed a transaction with ORMAT Technologies for the sale of a renewable asset portfolio in the United States. The deal, valued at $271 million, includes EGPNA’s entire geothermal portfolio and several small solar plants with a combined capacity of approximately 150 MW. While this sale is expected to have a positive impact of about 250 million euros on the Enel Group’s consolidated net debt, it is anticipated to result in a negative impact of around 30 million euros on Group reported net income. Despite the transaction, the Enel Group maintains its status as one of the largest renewable power producers in the United States, with over 8 GW of renewable consolidated capacity.

(PRESS RELEASE) ROME, 5-Jan-2024 — /EuropaWire/ — Enel S.p.A. (“Enel”), acting through its wholly-owned subsidiary Enel Green Power North America Inc. (“EGPNA”), has closed an agreement with ORMAT Technologies Inc. (“ORMAT”) on the sale of a renewable asset portfolio in the United States for a total consideration of 271 million US dollars, equivalent to approximately 250 million euros[1], subject to customary transactional adjustments. The assets sold include EGPNA’s entire geothermal portfolio as well as a number of small solar plants, with a total capacity of about 150 MW of operating plants.

The overall transaction, which was closed following the fulfillment of certain conditions precedent, is expected to generate a positive effect on the Enel Group´s consolidated net debt of about 250 million euros[1] and a negative impact of around 30 million euros[1] on Group reported net income while bearing no impact on Group ordinary economic results.

The transaction does not alter the over 8 GW profile of the Enel Group’s renewable consolidated capacity in the United States, confirming Enel Green Power North America as one of the largest renewable power producers in the region[2] through its core technology portfolio.

[1] Currency conversion rate as of January 2nd, 2024.

[2] Enel Green Power’s post-deal renewable consolidated capacity (solar, wind and hydropower) amounts to around 9.7 GW in North America, namely the United States, Canada and Mexico.

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SOURCE: Enel S.p.A.