Kansas-based developer Tradewind Energy is to be split into two platforms owned by different investors following a sale process.
Enel Green Power North America, which already held a 45% stake, has acquired the whole company and immediately signed a deal to sell a 6 GW portion of it to Macquarie Group’s Green Investment Group.
The sale process was launched late last year, deal watchers tell PFR.
Spokespeople for Macquarie in New York and Enel in Boston declined to comment on whether financial advisers were involved and representatives of Tradewind in Kansas City did not immediately respond to inquiries.
Tradewind has a 13 GW development-stage portfolio of wind, solar and storage projects across the U.S., including the 6 GW solar and storage portfolio being sold to Macquarie, which is arranged under a subsidiary called Savion.
The remaining 7 GW that Enel is holding onto is made up of wind projects.
“Through this deal we are acquiring an experienced renewable development company to help carry out our North American growth strategy across all technologies with even greater speed and efficiency, thereby strengthening our position in the competitive US market,” said Georgios Papadimitriou, head of Enel Green Power North America, in a statement. “We are further able to capitalize on our investment and secure additional value for our company through the sale of certain development assets that will deliver immediate returns.”
The sale of the solar and battery storage platform to Macquarie is due to close around mid-year, subject to regulatory approvals. The business will be managed by former Tradewind principals Rob Freeman and Geoff Coventry.
“The US solar market presents a very attractive investment opportunity and we see strong fundamentals driving future growth,” said Chris Archer, head of Green Energy Americas for Macquarie Capital, in a statement. “The commitment we announce today is a continuation of GIG’s strategy in US utility scale solar.”