Enel’s Brazilian subsidiary Enel Green Power Brazil Participações has signed an agreement to sell two solar plants and a wind farm in Brazil to China's CGN Energy International Holdings.
Enel will use the proceeds of the R$2.9 billion ($781.8 million) deal to fund further renewable development in the country under its build, sell and operate business model.
The three assets CGN is buying have a combined capacity of 540 MW. They are:
- the 292 MW Nova Olinda solar project,
- the 158 MW Lapa solar portfolio and
- the 90 MW Cristalândia wind farm.
The Lapa portfolio is further subdivided into the 80 MW Bom Jesus da Lapa project and the 78 MW Lapa project.
Nova Olinda is located in the northeastern state of Piauí, in the municipality of Ribeira, while Lapa and Cristalândia are both in the Bahia state, with the former located in the Bom Jesus da Lapa municipality and the latter in Brumado, Rio de Contas and Dom Basilio municipalities.
Enel will operate and maintain all three projects.
The transaction is expected to close by the end of the first quarter of this year, subject to approval by antitrust authorities.
(A version of this story first appeared on IJGlobal)