Enel's renewables activities fully return to the parent company. After the green light from Enel Green Power (Egp), this morning, this afternoon the green light also came fromEnel shareholders' meeting to the non-proportional partial demerger of the green subsidiary. 99,57% of the share capital voted in favour. The incorporation process will be completed within the first quarter of 2016.
The integration of Enel Green Power into Enel "will make it possible to achieve greater value creation over time for the Enel group through further growth in investments", explained Enel CEO Francesco Starace during the meeting called to approve the project. “In relation to the financial capacity of the Enel group – he added – the complete integration will make it possible to carry out additional growth initiatives in the renewable energy business that are difficult to independently sustain. The acceleration of investments is expected to take the form of a increased capital allocation to Enel Green Power in the order of 1,3 billion in the period 2018-2019″. The incorporation of Enel Green Power into Enel "I believe can offer concrete benefits to the company and to all its shareholders", also stated the chairman Patrizia Grieco.
The return to Enel of the renewables activities that had been merged into Enel Gren Power, he added, "is a complete integration, which will bring benefits for the entire group, synergies and possibilities and flexibility for the group to seize the opportunities offered by the energy scenario". "Enel's profits will be positively affected - he replied to a shareholder - since we will have greater consolidation, compared to the 70% we have today, of a company that is doing well". Finally, the merger “it will have no impact on the dividend policy of the group which envisages a minimum dividend of 0,16 euro on 2015 results and 0,18 euro on 2016 results".
