Enel complete the cession of green assets in Greece. The Italian energy giant has announced the completion of the sale of 50% of Enel Green Power Hellas (EGPH) to Macquarie Asset Management, through Macquarie Green Investment Group Renewable Energy Fund 2 for a consideration of approximately 350 million euros. The agreement, signed on 26 July 2023 and subject to approval by the competent competition authorities, falls within the debt-cutting plan of the group. The enterprise value, calculated at 100%, amounts to approximately 980 million euros.
Following the closing of the transaction, EGP and Macquarie Asset Management established a joint venture, regulated by a shareholder agreement, to co-manage Enel Green Power Hellas' current generation portfolio and continue the development of its project pipeline. This will lead to an increase in installed capacity.
In the last trading session of the year, the Enel title moves in positive territory, gaining 0,52% to 6,74 euros per share.
The effects on ebitda and debt
On the financial front, the operation will have a positive impact onordinary EBITDA and on reported of the Enel group for 2023, estimated at around 400 million euros, considering the remeasurement at fair value of the remaining investment. Furthermore, a positive effect on thenet borrowing consolidated of the multinational energy company of approximately 350 million euros. This figure does not include deconsolidated net debt of approximately €400 million in 2022, as EGPH was already classified as “for sale”.
Currently, EGPH operates 59 plants with a total installed capacity of 482 MW from wind, solar and hydroelectric sources, with six solar plants under construction for a total capacity of 84 MW. EGPH is also engaged in the development of a portfolio of wind and solar plants, as well as in the expansion of activities towards innovative solutions such as storage systems and hybrid projects.
