Enel Green Power, through its Spanish subsidiary, has signed an agreement with the Portuguese company First State Wind Energy Investments for the sale of the entire share capital of Finerge Gestão de Projectos Energéticos, 100% controlled by EGPE and active in the renewable energy sector in Portugal. First State Wind Energy Investments is wholly owned by portfolio funds of First State Investments (“FSI”), a global asset management firm. The total consideration for the sale is approximately 900 million euros, including the repayment of a shareholder loan granted to Finerge. Upon completion of the transaction, EGP will exit the Portuguese renewable energy sector.
“The sale of our plants in Portugal is part of our active asset management strategy, a pillar of our Group's 2015-2019 strategic plan” commented Francesco Venturini, CEO of EGP. “There is a strong demand for renewable assets and by closing this deal in a mature market we have recorded an important success compared to the commitments made with the market at the beginning of the year”.
In 2014 Finerge recorded consolidated revenues of approximately 38 million euros (approximately 106 million euros pro-forma considering the effects of the consolidation of ENEOP) and a consolidated EBITDA of 29 million euros (approximately 90 million euros pro-forma considering the effects of the consolidation of ENEOP).
As recently announced by EGP, the sale of Finerge and the consequent exit from the renewable energy sector in Portugal is part of the Enel Green Power Group's strategy aimed at optimizing its portfolio and leveraging current opportunities in countries with greater development potential, in line with the objectives of the Company's 2015-2019 business plan.
