Italian company Enel announced that its subsidiary Enel Green Power North America (EGPNA) has signed an asset swap agreement with Gulf Pacific Power (GPP) for the acquisition of equity stakes in companies owning operational wind farms in the United States. The transaction will enable Enel to increase its consolidated installed capacity by 285 megawatts (MW).
The agreement stipulates that EGPNA will raise its indirect ownership to 51% in several entities holding wind infrastructure, in exchange for other stakes—one at 100% and several others as minority interests—alongside a cash payment. The transaction includes a standard financial adjustment mechanism typical of this type of asset exchange.
Financial and operational impact
The net value of the transaction is estimated at $50mn, according to data released by Enel on May 26. The company expects a positive net impact of approximately $50mn on its annual consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA), equivalent to around €44mn. Conversely, the impact on the Group’s net financial debt is expected to be negative by $20mn (€18mn).
The agreement aligns with Enel’s strategy to strengthen its renewable energy footprint in the US, particularly through the acquisition of operational assets—commonly referred to as the “Brownfield” approach. Enel noted that the completion of the deal remains subject to approval from the Federal Energy Regulatory Commission (FERC) and the consent of the Tax Equity Partners.
Total capacity and outlook
Enel had a total consolidated installed renewable capacity of 11,620 MW in the United States in the first quarter of 2025. With this new operation, the Group further consolidates its position in the North American wind market without initiating new greenfield developments.
“This transaction allows for a strategic reallocation of our portfolio and supports our profitable growth trajectory on the American continent,” an Enel spokesperson stated in the press release.
