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off-grid renewable energy system
Green Energy

General Electric has sold approximately 650MW of
renewable energy projects to Italian power giant, Enel.

The assets which have a market value of $900 million, was
sold for a comparatively lower $256 million, the company said in a
statement.

The sale comprises seven projects belonging to joint-venture
partners Enel Green Power North America Renewable Energy Partners (EGPNA REP)
and General Electric Capital’s Energy Financial Services.

The projects involved include assets in Utah, Kansas, Nevada
and North Dakota. A small solar facility generating 2.4MW in Vermont was also
included in the deal.

Enel says the deal will help its consolidated renewable
energy capacity in the US as per its strategy.

According to Reuters, General Electric was looking to sell
its stake in the joint venture to help pay off its $121 billion debt, as of the
end of 2018.

EGPNA REP could be worth more than $1 billion, sans debt,
excluding debt, Reuters said.

The EGPNA REP sale means that approximately 1.1 gigawatts of hydroelectric and wind assets are left in the joint venture, as per Enel. If half of this is still owned by General Electric, further disposals may be on the cards.

This article was featured on our sister website Smart Energy International.

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