Enel completes sale of stake in Greek subsidiary
Italy’s Enel group announced on Friday that, through its wholly owned subsidiary Enel Green Power (EGP), it has completed the sale of 50% of Enel Green Power Hellas (EGPH), wholly owned by EGP, to Macquarie Asset Management, through Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), after the fulfillment of all conditions customary for this type of transaction, including approval by the Competition Commission, as defined in the relevant sale agreement, signed on July 26.
According to the above agreement, the total price for Enel Green Power Hellas was approximately 350 million euros, which translates into a full enterprise value of approximately €980 million.
The head of Europe of Enel Green Power, Aristotelis Chantavas, commented on the Greek subsidiary’s agreement with Macquarie Asset Management Green Investments: “Today marks the formal completion of a major green agreement between one of the world’s dynamic investment funds and the leading energy provider. Our goal is for the new company that is being created to play a leading role in the Greek energy market and to strengthen sustainable development. With strategic moves on our part, such as investments in storage, repowering and hybridization of existing projects, the new corporate structure will lead energy developments in the country.”
