Enel Group subsidiary, Enel Green Power North America, has completed its acquisition of smart energy management services provider EnerNOC in a $250m deal.
Enel Group subsidiary, Enel Green Power North America, Inc. (EGPNA), completed the tender offer for all of the outstanding shares of EnerNOC, Inc. worth $250 million. As a result of the tender offer and subsequent merger, EGPNA now has 100% ownership of EnerNOC. EnerNOC is a US-based leading provider of demand response and energy services for utility, commercial, institutional and industrial customers.
"This acquisition is a milestone for Enel and the new e-Solutions business line that will bring an unparalleled suite of energy services to our new and existing customers,” said Francesco Venturini, Head of Global e-Solutions at Enel. “With the close of this transaction we strengthen our position to leverage the technology and digital transformation that is taking place within the energy sector and open the door for the creation of new, innovative business opportunities that will meet and respond to the changing needs of our growing customer base.”
Upon closing of the acquisition, Enel will incorporate EnerNOC’s more than 8,000 customers, 14,000 sites under management and a total of 6GW of demand response capacity. Demand response allows commercial and industrial consumers to respond to market signals by increasing or reducing their power consumption with the aim to address excess electricity supply or demand, enabling greater grid flexibility, stability and more efficient use of power infrastructure as well as energy resources. Customers benefit from sharing in the remuneration for participating in demand response programmes when allowed by the relevant regulatory framework.
EnerNOC has active demand response networks in North America, Europe and Asia-Pacific. Additionally, EnerNOC offers an energy intelligence software that enables businesses to boost facility efficiency, simplify utility bill management and ease reporting burdens. The company’s energy procurement tools and services help customers buy energy more strategically, manage risk, and optimise pricing.
Enel Green Power North America, Inc., headquartered in Andover, MA, manages a portfolio of over 100 renewable energy power plants for a total capacity exceeding 3.3 GW and additional 900 MW currently under construction. In January the Enel Group bought 100% of Demand Energy Networks (Demand Energy), a US-based company specialized in intelligent software and energy storage systems, whose DEN.OS software enables real-time optimisation of energy management, with the potential to revolutionise the way electricity is generated, stored and consumed.