Kaye Scholer Represents Enel Green Power in its Acquisition of Padoma Wind Power from NRG Energy, Inc.
Los Angeles — Kaye Scholer LLP is representing Enel North America, Inc., a subsidiary of Enel Green Power, the renewable power company of Enel S.p.A., in its agreement with NRG Energy, Inc. (NYSE: NRG) for the sale of NRG’s terrestrial wind development company, Padoma Wind Power LLC (Padoma), to Enel North America (ENA). The two companies also reached a more general co-investment agreement to evaluate renewable energy projects in North America.
The Kaye Scholer team included Partner Jeffrey A. Chester, Counsel Irv Hepner, and Associate Connie Ericson.
About Kaye Scholer
Kaye Scholer refers to the international law firm Kaye Scholer LLP and its affiliates, with offices in Chicago, Frankfurt, London, Los Angeles, New York, Shanghai, Washington, DC, and West Palm Beach. Founded in New York City in 1917, Kaye Scholer represents public and private companies, governmental entities, financial institutions, and other organizations in matters around the world.
The following press release was issued earlier today.
Enel Green Power Acquires Padoma Wind Power From NRG Energy, Inc.
-The parties to evaluate co-investments in renewable energy projects in North America-
PRINCETON, NJ, ANDOVER, MA, and ROME, ITALY—January 21, 2010—NRG Energy, Inc. (NYSE: NRG) and Enel North America, Inc., a subsidiary of Enel Green Power, the renewable power company of Enel S.p.A., have closed an agreement for the sale of NRG’s terrestrial wind development company, Padoma Wind Power LLC (Padoma), to Enel North America (ENA).
Based in La Jolla, California, Padoma is developing about 4,000 megawatts (MW) 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 North America will retain the entire Padoma development team and the current Padoma development pipeline in California and Texas (Padoma Projects). NRG is maintaining its existing ownership interest in its three Texas wind farms—Sherbino, Elbow Creek and Langford—totaling almost 350 MW of electricity.
The two companies also reached a more general co-investment agreement. NRG will retain a Right of First Offer should ENA seek an equity partner in the Padoma Projects. In addition to that, ENA and NRG will evaluate joint venture opportunities in wind as well as other renewable energy projects in North America.
“Padoma’s current pipeline in California and the experience of its development team will further strengthen our position in the United States and provide us with solid opportunities to grow in attractive markets in the future,” said Francesco Starace, President of Enel Green Power. “Padoma adds depth to our North American development capabilities and provides key geographical diversification to our wind pipeline.”
“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,” said David Crane, President and CEO, NRG Energy, Inc. “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.”
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About NRG Energy
NRG Energy, Inc., a Fortune 500 company, owns and operates one of the country’s largest and most diverse power generation portfolios. NRG’s 50 plants provide approximately 24,000 megawatts of generation capacity—enough to power nearly 20 million homes. In November 2007, NRG won two of the industry’s highest honors—Platts Industry Leadership and Energy Company of the Year awards. Headquartered in Princeton, NJ, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at www.nrgenergy.com.
Certain statements included in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements above include the expected benefits of the sale of Padoma Wind Power. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct. Factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements above include, among others, closing conditions, regulatory approvals, general economic conditions, and hazards customary in the power industry.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should not be construed as exhaustive. For more information regarding risks and uncertainties that may affect NRG’s future results, review NRG’s filings with the Securities and Exchange Commission at www.sec.gov.
About Enel Green Power and Enel North America
Enel Green Power is the renewable power company of Enel S.p.A. aimed at developing and operating power generation from renewable sources in Italy and around the world. The company’s business incorporates all of Enel’s activities in the wind, solar, geothermal, hydro and biomass fields in Europe, North America and Central and South America. With over 4,700 MW of installed capacity and 17.2 TWh of produced electricity in 2008, Enel Green Power is a leading global company in renewables. Enel North America, Inc. is a subsidiary of Enel Green Power and operates all EGP renewable energy plants in 20 U.S. States and in three Canadian Provinces. For further information, please visit http://enelgreenpower.com/en/.
Enel North America, Inc. Contact: