FAIRFIELD (dpa-AFX) - Enel Green Power S.p.A. or 'EGP', through its subsidiary Enel Green Power North America, Inc. or 'EGPNA', reached an agreement with General Electric Unit (GE) GE Energy Financial Services for the sale of a 49% stake in a newly created company, EGPNA Renewable Energy Partners, LLC, for a total consideration of about $440 million.
Enel Green Power North America will continue to own 51% of the partnership interests, thereby fully consolidating the partnership in its accounts, and will continue to be responsible for the daily administration, operation and maintenance activities of Enel Green Power North America assets.
The total consideration of $440 million is subject to certain price adjustments customary for transactions of this nature. The amount associated with the power plants currently in operation has been paid today upon finalization of the agreement. The amount associated with the wind farm under construction will be settled when the project reaches commercial operation, which is expected in December 2015.
Copyright RTT News/dpa-AFX