Enel, through Enel Green Power, has completed the 50% sale of the two subsidiary companies, Enel Green Power Australia Pty Ltd and Enel Green Power Australia Trust, which operates its renewable energy businesses in Australia at Inpex Corporation.
The agreement was finalized after fulfilling all the conditions set out in thesales agreement signed on July 13, 2023.
Inpex made a total payment of approx 142 million euro, equivalent to a total enterprise value of 426 million euros, reported at 100%.
Enel Green Power Australia Pty Ltd and Enel Green Power Australia Trust together form Enel Green Power Australia (EGPA).
Joint management of Enel Green Power Australia
With the completion of the transaction, Enel Green Power and INPEX will collaborate in the management of Enel Green Power Australia. Together, they will oversee the current renewable energy generation portfolio and work towards develop new projects, with the aim of increasing the company's production capacity. This will allow EGPA to continue to play a leading role in Australia's energy transition and contribute to the country's Net Zero emissions target.
Enel Green Power Australia currently operates three PV plants with a total installed capacity of 310 MW, along with a 76 MW wind project and a 93 MW solar project currently under construction. Projects including wind power, solar power, storage solutions and hybrid projects are also being developed in different parts of Australia. At the same time, it is expanding its activities to include innovative solutions in the retail and trading sector.
Positive impact on Ebitda
The whole operation had a positive impact on EBITDA of the Enel Group of approximately 95 million euro and is expected to have a positive effect on the Group's consolidated net debt of approximately €142 million.
This amount, however, does not include approximately €203 million of net debt which was deconsolidated in 2022, as Enel Green Power Australia had already been classified as "held for sale".
The transaction complies with Enel's current Strategic Plan, which aims to establish partnerships in specific business sectors and geographic regions in order to increase value creation.
