Jan 25 2010
Enel Green Power’s subsidiary, Enel North America, has signed an agreement with NRG Energy to acquire Padoma Wind Power, its wind development company. Both the companies have also closed a general co-investment agreement. Enel North America and ERG will assess other joint venture opportunities in the renewable energy sector. If Enel North America seeks a partner in Padoma projects in the future, NRG holds the Right of First Offer.
In California, Padoma Wind Power is currently developing approximately 4,000 MW of potential projects. These projects, once completed, will help California to meet its Renewable Portfolio Standard target from renewable energy resources. California has to meet a target of 33% of retail sales from renewable energy sources by the year 2020. Current Padoma projects in Texas and California will be retained by Enel North America. The company will also hold back the entire Padoma development team. NRG will continue to hold its current ownership interest in Langford, Sherbino, and Elbow Creek wind farms with a total capacity of 350 MW. These three wind farms are located in Texas.
Francesco Starace, President of Enel Green Power, said that Padoma’s current development pipeline in California and the expertise its development team will enhance the Enel’s position in the U.S. in addition to providing an opportunity to develop in other attractive markets in the future. Starace further added that Padoma’s acquisition bolsters its development capabilities in North America and provides important diversification to its wind portfolio.
Source: www.nrgenergy.com