Enel collects 55 million euros with the completion of the investment in SF Energy. The transaction comes after the signing of the agreement, on November 7, for the sale of the stake held by Enel Production. 50% of the investment was sold to SEL Srl (counterparty to the agreement) and the remaining 50% to Dolomiti Energia SpA following the exercise of the pre-emption right, in the form of a note from Enel.
The sale falls within the framework of the agreements signed on the same date between Enel Produzione and SEL – Società Elettrica Altoatesina SpA and already communicated by Enel to the market. These agreements also include the sale of the 40% stake held by Enel Produzione in SE Hydropower Srl for a consideration of 345 million euros. The completion of this second transaction can only take place once the last condition precedent envisaged by the agreement has been fulfilled, specifically the obtaining by SEL of the commitment from the banks to disburse the loan for the purchase of the equity investment. This condition is expected to occur within the first quarter of 2015.
Both transactions are part of the transfer package launched by Enel's top management to reduce the debt and bring it back below 39 billion.
