Enel, acting through its renewable subsidiary Enel Green Power Brasil Participações, has sold three fully operational renewable energy plants totalling 540 megawatts to Chinese company CGN Energy International Holdings for R$2.9 billion ($670 million).
The assets include the 292-megawatt Nova Olinda solar plant, the 158-megawatt Lapa solar plant and the 90-megawatt Cristalândia wind farm, all located in regions of northeastern Brazil.
Nova Olinda comprises around 930,000 solar panels with the capacity to generate more than 600 gigawatt hours-per-year. Lapa is composed of two facilities, the 80-megawatt Bom Jesus da Lapa and 78-megawatt Lapa. The park features 500,000 solar panels and can generate around 340 gigawatt hours-per-year. The Cristalândia wind farm is capable of generating around 350 gigawatt hours per year.
All three plants have long-term power purchase agreements in place.
Following the transaction, Enel will continue to manage plant activities for the sold assets.
The transaction is in line with with Enel’s 2019–2020 strategic plan, which aims to maximize value creation by rotating assets, thereby freeing up resources to invest in new projects.
Enel is Brazil’s largest solar and wind operator, with a project portfolio of 2.4 gigawatts, comprising 1,269 hydro capacity, 752 megawatts from wind, 370 megawatts from solar. The group also has approximately 1.9 gigawatts of wind and solar capacity in execution.
