Strategic Sale of Major US Geothermal Development Company Completed
Marathon Capital announced today, the sale of AMP Resources to Enel NA, a wholly owned subsidiary of Enel SpA, Italy. Marathon represented AMP exclusively on this transaction. The transaction, involves the sale of one operating plant and four late-staged development projects, aggregating to as many as 150 megawatts's of generating capacity. The transaction does not include Recurrent Engineering, AMP's technology and waste-heat division or its Willowstick division which utilizes geophysics and proprietary technology to identify fluids below ground as these businesses will be retained by AMP Capital, the primary seller.
Dr. John Stevens, a principal of AMP Capital reports that after an extensive process, AMP Capital was delighted that the extraordinary package of western US development assets AMP had assembled, were now going to be under the control of a world-class company like Enel. "They have the geothermal experience, the capital and the burning ambition to use the AMP assets as a platform to become a dominant player in the US geothermal business. We have every confidence in Toni Volpe (CEO of Enel North America), and the Enel team"
Ted Brandt, the CEO of Marathon
remarked that "this transaction clearly demonstrates the value of quality development projects and development pipelines within the geothermal space. The AMP portfolio of projects is a unique package of late-stage assets and we are delighted that a strategic player like Enel will use the assets and key employees as its platform to enter the US geothermal market."
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