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Enel targeting ‘unparalleled’ energy services after completing Enernoc deal

Enel has said it wants to bring forward an “unparalleled suite” of energy services after yesterday completing its purchase of US-based Enernoc.

The Italian power giant is to take on Enernoc as a subsidiary of its Enel Green Power North America unit after completing the US$250 million (£192 million) purchase of Enernoc, first announced in late June.

Enel struck the deal to purchase all outstanding shares in the energy services and demand response provider for a common stock price of US$7.67 (~£6) per share.

Francesco Venturini, head of global e-solutions at Enel, said the acquisition was a “milestone” for Enel which would bring an “unparalleled suite of energy services” to new and existing customers.

“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,” he added.

Enel’s job will now be to incorporate the 8,000 customers and 14,000 sites Enernoc managed, which the company said represented roughly 6GW of total demand response capacity spread throughout North America, Europe and Asia-Pacific.

The Italian company had already said the transaction would make it one of the largest suppliers of demand flexibility services in the world.