Enel’s EGPNA Wind Farm Swap Boosts U.S. Renewable Capacity by 285 MW

Enel Green Power North America (EGPNA), a subsidiary of the Italian energy company Enel, has signed a wind farm swap deal with Gulf Pacific Power (GPP). According to Yahoo Finance, the agreement includes a net cash consideration of around $50 million and will help the company increase its net installed consolidated capacity in the U.S. by 285 MW. This move aligns with Enel’s strategy to expand its clean energy footprint across North America.

The deal allows EGPNA to acquire a 51% indirect equity stake in companies that own wind farms, in exchange for Enel’s stake in other similar green energy assets.

Strategic Move to Strengthen Renewable Energy Presence

This swap is more than a typical asset exchange; it’s an important step in the company’s path to grow its renewable business in the U.S. With this deal, EGPNA will take over more wind energy production, as it is a market where it already has a significance presence.

Gulf Pacific Power (GPP) is an investment fund managed by Harbert Management Corporation. The deal with GPP shows how partnerships are becoming more important in the shift to clean energy. With this swap, EGPNA plans to improve its operations and earn more by owning a bigger share in certain wind energy projects.

The company indicated that the move would add about $50 million a year to its EBITDA. Meanwhile, the commitment will take Enel’s net financial debt up by about $20 million. Allowing construction for a short period can lead to major energy gains and a strong state economy over time. This is a small trade-off, considering the long-term benefits of increased ownership and energy output.

The company stated, “The swap transaction will allow us to consolidate a higher share of existing renewable capacity and strengthen our presence in the U.S. market.”

Enel is rapidly expanding its clean energy operations. By the first quarter of 2025, the company had 11.62 gigawatts (GW) of renewable energy capacity in the U.S. This makes Enel one of the top companies in the renewable energy market.

Approvals and Future Growth in North America

The wind farm swap deal still needs a few approvals before it is complete. These include permission from the U.S. Federal Energy Regulatory Commission (FERC) and agreement from tax equity partners. After getting these approvals, the deal will help Enel move closer to its clean energy targets for 2025 and beyond.

This swap deal also matches Enel’s goal of teaming up with major tech companies. In February 2025, Enel North America signed an agreement with Meta (formerly Facebook). Meta will buy 115 megawatts (MW) of clean energy from Enel’s Rockhaven Wind Farm in Oklahoma. That partnership also emphasized Enel’s commitment to helping large corporations reduce their carbon footprint.

The wind farm swap with GPP builds on this momentum. The company’s decision to buy operational renewable energy plants instead of building all its projects is proof of good use of its funds. Enel can earn higher profits and support the American conversion to clean energy by investing in more financial sources.

This approach follows a common trend in the energy industry. Many companies prefer buying existing projects (called brownfield acquisitions) because it is faster and easier than starting new ones.

According to those in the industry, the decision shows smart risk management. Trading assets and keeping a bigger stake in some represent a strategy that is meant to make Enel more flexible and profitable in North America.