Enel completed the sale to Luxembourg-based Fedaia Holdings of the entire stake held by Enel Produzione in Hydro Dolomiti Enel (Hde), equal to 49% of the company's capital. The consideration was set at 335,4 million euros, in line with the agreement reached last November.
The stake in Hde - explains a note from the group - was sold to the Italian company Fedaia Investments, designated as purchaser by Fedaia and also controlled by MEIF4, following the acquisition of the authorization for the transaction by the European Antitrust , which represented the last of the conditions precedent for the completion of the agreement.
The transaction – continues the note – allows Enel to reduce its consolidated net financial debt by an amount approximately equal to the total price indicated. With the closing of the sale of Hde, the total of transactions already completed rises to 1,9 billion euros, out of a countervalue of 3,7 billion euros of sale agreements concluded, as part of Enel's active portfolio management programme.
The proceeds of this programme, confirmed and expanded to 6 billion on the occasion of the presentation of Enel's strategic plan to the financial community in November 2015 - continues the note - are aimed at financing further growth activities of the group. Hde manages a fleet of hydroelectric plants, mainly located in the Province of Trento, with a total installed power of approximately 1.280 MW. In particular, the park is made up of 26 large derivation plants, for a total of 1.277,3 MW, and 2 small derivation plants, for a total of 2,4 MW.
