Enel U.S. Renewables Company to Sell Shares in Two Wind Farm Projects
By Anthony Shevlin
Enel SpA (ENEL.MI) said Wednesday that its U.S. renewables company Enel Green Power North America has signed a partnership agreement with Alberta Investment Management Corp (AIMCO.YY) to sell nearly half of its shares in two wind-farm projects to be built in Alberta, Canada.
The Italian gas and electricity distributor said Enel Green Power North America will sell 49% of the shares in the 115MW Riverview wind farm and the 30.6MW Phase 2 of Castle Rock Ridge wind farm.
Enel said that Enel Green Power North America will continue to manage, operate and perform asset-maintenance activities at both wind farms while retaining a 51% majority ownership. Overall investment in the construction of the two wind farms is approximately $170 million, it said.
The total consideration for the transaction will be determined at commercial operation of the wind farm, which is expected by the end of 2019.
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Corrections & Amplifications
This item was corrected at 12:25 p.m. ET. The original incorrectly named Enel's U.S renewables company, which is Enel Green Power North America, not Enel Green Energy Power North America.
(END) Dow Jones Newswires
February 07, 2018 08:13 ET (13:13 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.