Enel, through subsidiary Enel Green Power Brasil Participações, has closed the sale of three fully operational renewable energy plants totaling 540 megawatts to Chinese company CGN Energy International Holdings Co. The overall price of the transaction paid to Enel is equivalent to about $743 million at current exchange rates.
The portfolio includes solar plants Nova Olinda (292 megawatts), located in the northeastern Brazilian state of Piauí, and Lapa (158 megawatts), situated in Bahia, as well as the 90-megawatt Cristalândia wind farm, also in Bahia. All three plants have long-term PPAs in place: Lapa and Nova Olinda are supported by 20-year contracts providing the sale of specified volumes of energy to the Brazilian Chamber of Commerce of Electric Energy. The wind farm is supported by 20-year PPAs with a pool of Brazilian electricity distribution companies.
Nova Olinda is comprised of around 930,000 solar panels spread across nearly 2,700 square miles and can generate more than 600 gigawatt-hours per year. Lapa is composed of two facilities—Bom Jesus da Lapa (80 megawatts) and Lapa (78 megawatts)—and consists of about 500,000 solar panels able to generate some 340 gigawatt-hours annually. The Cristalândia wind farm has a generating capacity of 350 gigawatt-hours per year.