Italian multinational renewable energy company Enel Green Power announced recently that it closed the sale of Brazilian renewable energy plants to Chinese company CGN Energy.

The deal for the Brazil plants was carried out through local renewable energy subsidiary Enel Green Power for approximately $2.9 billion, according to media reports. The company said in a statement: “The transaction is aimed at freeing up resources that can finance Enel’s further renewable development in Brazil, while the company will continue plant management activities on the assets sold.”

The three assets for sale include two solar plants and one wind farm. The solar plants Nova Olinda (292 MW) is located in the north-eastern Brazilian state of Piauí and Lapa (158 MW) is situated in the north-eastern Brazilian state of Bahia. The 90 MW Cristalândia wind farm is also located in Bahia.

Nova Olinda is located in the municipality of Ribeira do Piauí. The facility comprises nearly 930,000 solar panels in an area of 690 hectares, and can generate more than 600 GWh per year.

According to the press release, all three farms have long-term Power Purchase Agreements (PPAs). The statement said, “”In line with the Group’s 2019-2021 Strategic Plan, this transaction aims to maximize and accelerate value creation by rotating assets to free up resources that can be invested in new projects, while Enel will continue operation and maintenance activities on the assets sold.”

The full transaction will be paid at closing.  

Enel Green Power as part of the Enel Group is dedicated to the renewables’ development and operations around the world. The company has a strong presence in Europe, the US, Asia, Africa, and Oceania.