Enel takes over Enernoc in $250m deal

Demand-side response provider to be merged with US subsidiary of Italian utility firm

A US subsidiary of Italian utility firm Enel has taken full ownership of the demand-side response provider Enernoc after purchasing all outstanding shares in the company for $250 million (£193 million).

EnerNOC will now be merged with the buyer, Enel Green Power North America, and de-listed from the New York Stock Exchange.

"This acquisition is a milestone for Enel and the new e-Solutions business line that will bring an unparalleled suite of energy services to our new and existing customers,” said Enel head of global e-solutions Francesco Venturini.

“With the close of this transaction we strengthen our position to leverage the technology and digital transformation that is taking place within the energy sector and open the door for the creation of new, innovative business opportunities that will meet and respond to the changing needs of our growing customer base.”

Enernoc is based in the US but also operates in the UK from offices in Leeds and London. It serves more than 8,000 customers, manages 14,000 sites and provides 6GW of demand-side response capacity across North America, Europe and Asia-Pacific.

The firm was the biggest winner in dedicated capacity market auction for demand-side response which took place in March, bagging contracts totalling 87MW.

Working alongside Nissan, Enel launched the UK’s first vehicle-to-grid storage trial in May last year. The company installed the technology at Nissan’s research and development facilities in Cranfield the following November.

Author: Tom Grimwood,
Channel: Finance & investment
Tags: Trading

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