Padoma is developing about 4,000 MW of potential projects in California. ENA will retain the entire Padoma development team and the current Padoma development pipeline in California and Texas (the 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.
‘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,’ says David Crane, president and CEO of NRG.
The two companies also reached a more general co-investment agreement. NRG will retain a right-of-first-offer in the event that ENA were to 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.
SOURCE: NRG Energy Inc.
