Based in La Jolla, California, Padoma is developing about 4 GW of potential wind power 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 will retain the entire Padoma development team and the current Padoma wind power development pipeline in California and Texas (Padoma Projects). NRG is maintaining its existing ownership interest in its three Texas wind farms –Sherbino, Elbow Creek and Langford – totalling 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.
David Crane, President and CEO, NRG Energy, says: “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. NRG believes in the value of strong and strategic partnerships such as this one and together, we hope to speed the deployment of new, cleaner power generation projects to meet growing energy demand and respond to future state and federal renewable energy requirements.”