Based in La Jolla, California, Padoma is developing about 4,000MW of potential projects in California which, once built, will help the state meet its renewable portfolio standard target of 33% of retail sales from eligible renewable energy resources by 2020, Enel said.
ENA will retain the entire Padoma development team and the current Padoma development pipeline in California and Texas. NRG is maintaining its existing ownership interest in its three Texas wind farms – Sherbino, Elbow Creek and Langford – totaling approximately 350MW of generation capacity.
The two companies also reached a general co-investment agreement. NRG will retain a right of first offer should ENA seek an equity partner in the Padoma projects. In addition, ENA and NRG will evaluate joint venture opportunities in wind as well as other renewable energy projects in North America.
David Crane, president and CEO of NRG, said: “Enel’s experience and resources will enable Padoma to realize the full benefits of its development potential, increasing the pipeline of renewable investment opportunities for NRG’s consideration.
“Padoma had considerable success developing terrestrial wind projects under NRG’s ownership and we look forward to working with Padoma and Enel and investing in their projects in the future. NRG believes in the value of strong and strategic partnerships such as this one and together, we hope to speed the deployment of new, cleaner power generation projects to meet growing energy demand and respond to future state and federal renewable energy requirements.”
