General Electric will acquire 49% stake through its unit GE Energy Financial Services in the newly formed EGPNA Renewable Energy Partners (EGPNA REP) for $440m.
The remaining stake in the entity will continue to be owned by Enel Green Power North America (EGPNA), which is a subsidiary for Italian Enel Green Power.
EGPNA REP has multiple wind, geothermal, hydropower, and solar projects in North America, with combined generation capacity of 760MW.
The firm has already commissioned the renewable projects having 560MW capacity across the continent. The remaining 200MW to be generated from wind energy is under developmental stage.
The deal is a part of the Italian green energy producer’s strategy to manage its portfolio and enhance global business.
Enel Green Power chief executive officer and general manager Francesco Venturini said: "This partnership brings together two complementary leaders with a common view on the future of renewables development in the U.S.
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By GlobalData"Moreover, the transaction is an early and important step forward in the delivery of our strategy to actively manage Enel Green Power’s portfolio of assets and further strengthen our growth opportunities globally."
