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Enel sells renewables stake for $440m

ITALY: Enel Green Power has sold a 49% stake in a portfolio of 560MW renewables assets for about $440 million as it seeks funds to finance further growth in the market.

EGP is raising $440 million from the sale of 49% of 560MW of wind assets
EGP is raising $440 million from the sale of 49% of 560MW of wind assets

As part of the deal, GE Energy Financial Services will also receive a right of first offer to invest in operating assets borne out of EGP's North American development pipeline and other operating assets offered for sale by the group's North American unit. This includes a 200MW project under construction.

"This partnership brings together two complementary leaders with a common view on the future of renewables development in the US," said EGP chief executive Francesco Venturini.

"Moreover, the transaction is an early and important step forward in the delivery of our strategy to actively manage Enel Green Power's portfolio of assets and further strengthen our growth opportunities globally."

EGP will continue to own 51% of the partnership interests in the portfolio and retain responsibility for the daily administration, operation and maintenance activities for these assets.

The portfolio sold represents a little more than a third of EGP's North American capacity of 2,083MW at end-2014, of which 1,980MW is in the US.

The renewable energy arm of Italian power group Enel, has been turning towards emerging markets and the US for growth, as attractive investment opportunities in Europe dry up.

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