Enel Green Power Hellas has a portfolio of 59 plants with a capacity of 482MW, featuring wind, solar and hydro projects.
Italian energy company Enel, via its Enel Green Power unit, has agreed to offload a 50% interest in its Greek renewable business Enel Green Power Hellas (EGPH) to Macquarie Asset Management for around €345m.
Macquarie’s Macquarie Green Investment Group Renewable Energy Fund 2 will purchase the stake under a deal struck by the companies, which values 100% of EGPH at around €980m.
The deal, pending antitrust authorities' approval, is expected to complete in the last quarter of this year.
Once closed, EGP and Macquarie will sign a shareholder agreement for joint control of the business for joint control of EGPH’s renewables portfolio while developing its project pipeline to increase installed capacity further.
EGPH owns and operates 59 plants with a total capacity of 482MW. This includes wind, solar, hydro, and six solar projects under construction with a capacity of 84MW.
Enel anticipates a consolidated net debt reduction of around €345m and a €390m gain on its 2023 EBITDA [earnings before interest, taxes, depreciation, and amortisation] through the transaction.
Earlier this month, the Italian company entered a deal with Japan’s Inpex to sell a 50% stake in its Australian renewables business, valuing it at nearly €400m.
In April of this year, the company agreed to divest its Peruvian subsidiary to China Southern Power Grid International for $2.9bn.
