Enel to Sell Stake in Two U.S. Wind Farms for $233 Million

By Nathan Allen Features Dow Jones Newswires

Enel SpA (ENEL.MI) said Thursday that it has agreed to sell its majority stake in two wind farms to U.S. investment fund Gulf Pacific Power LLC for about $233 million.

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The Italian utility company said it will sell an 80% stake in its subsidiary that owns the 200-megawatt Caney River and 150-megawatt Rocky Ridge wind farms. Enel added that it will continue to manage, operate and perform maintenance at the two sites.

The sale is in line with Enel's renewable-energy strategy and will allow it to restructure the wind farms' combined $140 million debt, the company said.

Enel expects the deal to close by the end of 2017.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

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November 30, 2017 10:18 ET (15:18 GMT)