Investing.com -- Enel (BIT: ENEI ), the Rome-based energy firm, has announced a deal with Gulf Pacific Power that will increase its renewable energy capacity in the U.S.
The deal involves a payment of approximately $50 million in cash and a swap of ownership in corporate vehicles owning wind farms.
The announcement, made on Monday, outlined that the swap agreement between Enel’s subsidiary, Enel Green Power North America, and Gulf Pacific Power, will boost its consolidated renewable capacity in the U.S. by 285 megawatts.
As of the first quarter of the year, Enel’s consolidated renewable capacity stood at 11,620 megawatts.
The transaction will also increase Enel’s indirect equity stake in corporate vehicles that own wind farms, through swaps. The cash payment involved in the deal is around $50 million.
Enel anticipates that the deal will enhance its annual ordinary earnings before interest, taxes, depreciation, and amortization by approximately $50 million.
However, it is also expected to increase its net financial debt by about $20 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.