Tue Nov 24, 2009 3:12pm EST
MILAN (Reuters) - Italy's biggest renewable energy company, Enel Green Power said it planned to develop more than 4,000 megawatt of wind projects in the United States after buying a minority stake in Minnesota-based Geronimo Wind Energy.
Under a strategic partnership agreement, Enel Green Power will inject capital to develop the project pipeline and also have the priority right to buy, own and operate wind projects developed by Geronimo, the green energy arm of Italy's biggest utility Enel said in a statement on Tuesday.
It did not say how much it paid for the stake or how much it planned to invest in developing new US wind projects.
"We are committed ... to contribute to grow the renewable energy capacity in a region where we believe renewable energy demand and production will grow substantially in the next future" Enel Green Power Chairman Francesco Starace said in the statement.
Starace told Reuters in September his company planned several small-size acquisitions in wind power generation by the end of this year, targeting small companies with assets and project pipelines in the countries where it operated.
Enel Green Power, with over 4,500 MW of installed solar, wind and other renewable energy capacity around the world, has been boosting its U.S. clean energy portfolio. It has a similar investment in TradeWind Energy based near Lenexa, Kansas.
(Reporting by Svetlana Kovalyova; editing by James Jukwey)
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Source: http://www.reuters.com/article/internal_ReutersNewsRoom_BehindTheScenes_MOLT/idUSTRE5AN4SG20091124
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