- Enel, through its subsidiary Endesa’s renewable company Enel Green Power España (EGPE), signed an agreement to acquire five operating wind farms for 178 million euros
- Following the closing of the purchase, expected in 1H 2018, EGPE’s installed capacity in Spain will exceed 1,806 MW
Rome - Madrid, February 2nd, 2018 – Enel, acting through its Spanish subsidiary Endesa’s local renewable energies company Enel Green Power España (EGPE), has signed an agreement for the acquisition of 100% of Parques Eolicos Gestinver, S.L., a company owning five wind farms totalling around 132 MW of capacity, from Spanish companies Elawan Energy and Genera Avante for a total consideration of 178 million euros[1]. The five wind farms are located in the regions of Galicia and Catalonia.
Antonio Cammisecra, Head of Enel’s Global Renewable Energies Division Enel Green Power, said: “The acquisition of five wind farms will enable us to consolidate our return to renewables growth in Spain, after the two major tender wins from last year. These high quality assets are already operational and we are looking forward to further boosting their performance through their incorporation in our Group’s operation and maintenance system and in our integrated energy sale strategy.”
The Galician wind farms are the 20 MW Farrapa, 14 MW Peña Revolta and 23.5 MW Pousadoiro, for a total capacity of approximately 57.5 MW, all located in the Lugo Province. The 30 MW Les Forques and 44 MW Montargull wind farms are located in Catalonia’s Tarragona Province and have a combined capacity of 74 MW. All of these plants boast a load factor exceeding 28%.
The acquisition is expected to be finalised in the first half of 2018 upon the satisfaction of a series of conditions precedent, typical for this type of transaction. Following the acquisition, EGPE’s installed capacity in Spain will increase to more than 1,806 MW of which 1,749 MW from wind power, equivalent to almost 8% of total installed wind capacity in Spain, 43 MW from small hydro, and 14 MW from other renewable sources. At present, EGPE plants are able to generate around 4 TWh of emission-free energy each year.
Last year, EGPE was assigned 879 MW of new renewable capacity in two tenders, equivalent to a total investment of more than 870 million euros. All projects are expected to start production in 2019.
The 540 MW of new wind capacity, located in Aragon, Andalusia, Castile and León, and Galicia, are able to produce around 1,750 GWh each year while the 339 MW of new solar capacity, located in Murcia and Badajoz, are able to produce around 640 GWh each year.
Enel Green Power, the renewable energies division of the Enel Group, is dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. Enel Green Power is a global leader in the green energy sector with a managed capacity of around 40 GW across a generation mix that includes wind, solar, geothermal, biomass and hydropower, and is at the forefront of integrating innovative technologies into renewable power plants.
[1] Including debt.