Enel Green Power North America increases consolidated renewable capacity in the United States through a swap with Gulf Pacific Power and a $50 million cash payment
Enel is taking another step forward in its renewable energy expansion strategy in the United States. Its subsidiary, Enel Green Power North America (EGPNA), has signed an agreement with Gulf Pacific Power (GPP) to increase its stake in a series of operational wind farms. The transaction is structured as a capacity swap with an additional cash payment. Under the deal, Enel will acquire 51% indirect interests in special purpose vehicles that own existing wind assets, in exchange for other wind assets held entirely or partially by EGPNA and approximately $50 million in cash.
285 MW boost to Enel’s US renewable capacity
Once finalized, the agreement will allow the Italian energy group to increase its consolidated renewable capacity in the United States by 285 megawatts. This addition will bring the group’s total capacity in the country to over 11.9 gigawatts. Enel stated that the transaction is expected to positively impact its annual ordinary EBITDA. The estimated increase is around $50 million, or approximately €44 million at current exchange rates.
A strategic wind power swap in the United States
The value of the deal goes beyond simple capacity growth. It marks a strategic optimization of Enel’s industrial footprint in a key market for the energy transition. The transaction with GPP—a joint venture between CalPERS and Harbert Management Corporation—fits within Enel’s broader brownfield development strategy. This approach focuses on consolidating existing assets to improve operational efficiency and boost generation from clean energy sources.
Slight increase in net financial debt
The agreement is expected to result in a modest increase in Enel’s net financial debt, estimated at around $20 million (€18 million). However, the company considers this a marginal cost compared to the anticipated benefits. The transaction remains subject to approval by the Federal Energy Regulatory Commission and the consent of the involved Tax Equity Partners.
US renewables expansion aligned with global strategy
As of the first quarter of 2025, Enel’s installed consolidated renewable capacity in the United States totaled 11,620 MW. This new agreement will further strengthen the group’s position in the U.S. renewables sector. Moreover, it aligns with Enel’s broader global growth strategy, reinforcing its long-term commitment to clean energy expansion.
