The Spanish subsidiary of 70,1% of the Enel group would have started negotiations with the US private equity fund Cerberus to acquire Renovalia Energy.
This was reported by an article in "El Confidencial", according to which the operation could be worth around 1,7 billion euros. After Endesa has expressed its interest, it seems that Cerberus has opened the formal procedure for the presentation of offers; to this end, the fund would have mandated BBVA and CitiGroup. The proposals must be presented within the next two months, in order to close the agreement before the summer.
Cerberus bought Renovalia in July 2015 for €1,12 billion. The company is active in 6 countries (Canada, Mexico, Chile, Italy, Hungary and Spain) and has more than 810 MW in operation and under construction distributed among 16 wind farms, 14 photovoltaic plants, a small hydroelectric plant and a thermodynamic solar. At 10:50 Endesa shares gained 0,25%, while the Stoxx Europe 600 Utilities was unchanged.
