Enel closes 660 million euros renewable energy deal


Italian multinational utility firm Enel has sold three operational renewable energy plants in Brazil to a Chinese energy firm.

The 540MW in total of renewable energy plants were sold to CGN Energy International by Enel subsidiary EGP Brazil.

The deal is worth 660 million euros.

The renewable energy plants are solar plants in Nova Olinda (292MW) and Lapa (158MW) and a 90MW wind farm in Cristalândia.

The renewable energy plants sold have long term power purchase agreements with the Brazilian Chamber of Commercialisation of Electric Energy and a pool of Brazilian energy distribution companies.

Enel has sold the renewable energy plants in line with the group’s 2019-2021 Strategic Plan. The goal is to maximise and accelerate value creation by rotating assets to free up resources that can be invested in new projects, while Enel will continue plant management activities on the assets sold.

Enel plans to expand its revenue by implementing the ‘Build, Sell and Operate’model.

In Brazil, the Enel Group is the country’s largest solar and wind player in terms of installed capacity and project portfolio with around 2.4 GW (1,269 MW of hydro capacity, 752MW from wind, 370MW from solar), and has approximately 1.9GW of capacity (wind and solar) in execution.