Enel Green Power North America (EGPNA), a subsidiary of Enel SpA, has signed a swap agreement with Gulf Pacific Power (GPP) that will boost its consolidated renewable energy capacity in the U.S. by 285 megawatts (MW). The move aligns with Enel's broader strategy to grow its presence in the brownfield renewable sector by acquiring operational assets.

Under the agreement, EGPNA will raise its indirect equity interest to 51% in certain companies owning wind farms, in return for divesting full and minority stakes in other similar entities, along with a cash payment of approximately $50 million. The deal includes customary adjustment mechanisms and is contingent on approval from the U.S. Federal Energy Regulatory Commission and consent from Tax Equity Partners.

Once finalized, the transaction is expected to positively impact Enel Group's consolidated ordinary EBITDA by about $50 million annually, though it will increase the group's net financial debt by approximately $20 million.

As of Q1 2025, Enel's total net consolidated renewable capacity in the U.S. stood at 11,620 MW. This transaction reinforces its commitment to expanding clean energy assets across North America.