March 20, 2007 / 1:32 PM / 10 years ago

Italy's Enel buys U.S. geothermal company AMP

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MILAN, March 20 (Reuters) - Italian power company Enel (ENEI.MI) has bought U.S. geothermal energy company AMP Resources LLC for an initial $90 million and subsequent performance-based payments, Enel said on Tuesday.

Enel bought AMP Resources from AMP Capital Partners and a minority investor, the company said in a statement. The purchase marks Enel's entry into the U.S. geothermal market.

The purchase includes one operating and four advanced stage geothermal projects in the U.S. states of Nevada, Utah and California. They are expected to add about 150 megawatts of capacity over the next four years to Enel's U.S. operations.

Geothermal energy uses the earth's natural heat to produce electricity.

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