- Enel becomes the largest shareholder in TradeWind Energy, LLC, based in Lenexa, Kansas
Rome, 26 September, 2006 Enel SpA, through its subsidiary Enel North America, Inc., announced today that it has signed equity purchase and strategic partnership agreements with the U.S. wind power developer TradeWind Energy, LLC (TradeWind), pursuant to which the two companies will jointly develop wind projects in the Midwest and potentially other regions of the United States.
Under the terms of these agreements, Enel North America has obtained the largest shareholder equity stake in TradeWind. Enel will cooperate with TradeWind in developing TradeWinds over 1000 MW pipeline of projects and in procuring wind turbines. Enel will have the priority right to acquire, own and operate the wind projects developed by TradeWind.
TradeWind has been developing projects in Kansas, Missouri, Illinois, and other Midwestern States. The company focuses on utility-scale sites characterized by excellent wind potential, interconnection access and deliverability to utility customers.
TradeWind was founded in 2001 by private investors -- the companys management is mostly made of former utility executives and independent power project (IPP) developers with a deep knowledge of the IPP industry and particularly Midwest wind energy markets.
We are strongly committed to pursue growth in renewables and we are very pleased with this strategic partnership, Mr. Fulvio Conti, Enel CEO said, TradeWind has a very interesting pipeline with some exceptional projects in terms of wind resources. Enels financial capabilities as well as its long-established tradition in renewable energy, coupled with TradeWinds strong development capabilities and deep knowledge of local markets will make for a strong partnership.
We are very pleased to be partnering with Enel, a company with such an excellent track record as a global leader in renewable energy investment. said Mr. Rob Freeman, TradeWind CEO. Enels financial resources, experience in renewable energy, and commitment to the U.S.wind energy market, combined with TradeWinds development assets and experienced IPP management team, will make for a very capable and highly competitive partnership in the market.
This investment and development partnership will enable Enel to further strengthen its position in the renewable energy sector in the United States and will foster additional growth for the company in wind power. Enel has over 500 MW of installed wind capacity worldwide, including projects in New York and Minnesota.
Wind capacity in the United States reached 10 GW in 2006, more than doubling since 2002, with very attractive prospects for future growth.
With over 19,000 MW of installed renewables capacity in Italy, United States, Canada, Guatemala, El Salvador, Nicaragua, Chile, Brazil, Panama, Spain and Slovakia, Enel is a worldwide leader in the generation of electricity from renewable resources. By 2010, the company plans to invest an additional 2.4 billion euro both in Italy and internationally in renewable energy.
TradeWind Energy was founded in 2001 and is a leading developer of wind energy in Kansas and surrounding Midwestern states with a wind project pipeline of over 1000 MWs. TradeWinds management team has a strong combination of IPP industry experience and a physical presence in, and focus on, Midwest wind energy markets. Together, the team members have over 40 years of combined experience with different power project technologies, including wind, gas, coal, hydro, and biomass.
Enel is Italys largest power company and Europes third-largest listed utility by market capitalization. Listed on the Milan and New York stock exchanges since 1999, Enel has the largest number of shareholders of any Italian company, at some 2.1 million. It has a market capitalisation of about EUR44 billion at current prices.
Enel North America, Inc. is a leading owner and operator of renewable energy plants in North America, with operations in 17 U.S. states and two Canadian provinces. With offices in the United States and Canada, Enel North America is active in a number of clean power sources, including hydropower, wind, and biomass. ENA operates over 70 plants with an installed capacity of over 400 MW.
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