Enel closes sale of solar and wind farms comprising 540 MW in Brazil
Post date: 10/06/2019 - 11:23
Enel S.p.A., acting through its renewable subsidiary Enel Green Power Brasil Participações Ltda (EGP Brazil), closed the sale of three fully operational renewable plants totalling 540 MW to Chinese company CGN Energy International Holdings Co. Limited (CGNEI). The overall consideration of the transaction paid to Enel upon closing is equal to the assets’ enterprise value and amounts to approximately 2.9 billion Brazilian Reais ($675 million).
As reported, the company announced the sale in January. The three renewable assets that were just sold are the solar plants »Nova Olinda« (292 MW), located in the north-eastern Brazilian state of Piauí and »Lapa« (158 MW), situated in the north-eastern Brazilian state of Bahia, as well as the 90 MW »Cristalândia« wind farm (Bahia). All three plants have long-term power purchase agreements (PPA) in place. »Lapa« and »Nova Olinda« are supported by 20-year supply contracts that provide for the sale of specified volumes of energy generated by the plants to the Brazilian Chamber of Commercialisation of Electric Energy (Câmara de Comercialização da Energia Elétrica or CCEE). »Cristalândia« is supported by 20-year PPA with a pool of Brazilian electricity distribution companies.
»Nova Olinda« is located in the municipality of Ribeira do Piauí. The facility, which is comprised of around 930,000 solar panels in an area of 690 hectares, can generate over 600 GWh per year. »Lapa«, which is located in Bom Jesus da Lapa, is composed of two facilities, Bom Jesus da Lapa (80 MW) and Lapa (78 MW). The park, which is comprised of about 500,000 solar panels, is able to generate around 340 GWh per year. The »Cristalândia« wind farm is capable of generating around 350 GWh per year.
In Brazil, the Enel Group’s installed renewable capacity and project portfolio is around 2.4 GW (1,269 MW of hydro capacity, 752 MW from wind, 370 MW from solar), and approximately 1.9 GW of capacity (wind and solar) in execution.