Centerbridge has been cleared by the European Commission to form a joint venture with Italian utility Enel to build a 154MW wind complex worth €300 million.
The partnership between the US-based private equity firm and Enel’s Greek subsidiary – Enel Green Power Hellas – has been approved to build and operate seven wind farms on the island of Evia, set to be the largest wind power site in the country.
Centerbridge’s involvement in the project, which has not previously been disclosed, will provide a vote of confidence in the Kafireas site after its construction was put on hold last week by local authorities following protests around environmental concerns where the project is set to be built.
Enel began construction in June and the wind farm is scheduled to be commissioned in the first quarter of 2019. It has a 20-year power purchase agreement with the Hellenic Electricity Market Operator.
Centerbridge earlier this year sold a 136MW solar portfolio in Spain to Sonnedix and has typically not invested in wind power projects. However, it is the owner of German turbine manufacturer Senvion, following a €1 billion acquisition in 2015.