Enel, through its wholly owned subsidiary Enel Green Power, has signed an agreement with Macquarie Asset Management, through Macquarie Green Investment Group Renewable Energy Fund 2 for the sale of 50% of Enel Green Power Hellas (EGPH), the renewable energy subsidiary of EGP in Greece for a total of approximately 345 million euro, a deal that values it 100% at approximately 980 million euro.
Upon completion of the transaction, EGP and Macquarie Asset Management will enter into a shareholding agreement providing for joint control of EGPH to co-manage the company’s current green energy portfolio, alongside the continuation of planned projects, further increasing installed capacity.
The transaction would generate a total positive effect of approximately 345 million euros on the consolidated net debt of the Group, corresponding to the 50% stake sold by EGP, which is to be accounted for in 2023; not included in this scenario is approximately EUR 400 million of deconsolidated net debt in 2022, as EGPH was already classified as “held for sale”. Moreover, the transaction is expected to generate a positive impact of approximately EUR 390 million on the Group’s current and reported EBITDA for 2023.
Completion of the sale, which is estimated for the last quarter of 2023, is subject to customary preconditions for this type of transaction, including clearance from the relevant antitrust authorities.
EGPH operates 59 plants with a total installed capacity of 482 MW producing wind, solar and hydropower, as well as six solar projects under construction with a total capacity of 84 MW. EGPH is also developing a portfolio of wind and solar projects alongside expanding its activities in storage and hybrid projects.