January 22, 2010 (FinancialWire) — 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, to Enel North America.

La Jolla, California-based Padoma is said to be developing about 4,000 megawatts 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 said it will retain the entire Padoma development team and the current Padoma development pipeline in California and Texas. 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.

NRG Energy owns and operates a power generation portfolio comprising 50 plants that provide around 24,000 megawatts of generation capacity.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.