Shanghai Electric Power leads race for E.ON Italy assets
China’s Shanghai Electric Power (SEP) is leading the race for the potential acquisition of E.ON's Italian assets.
The portfolio includes gas-fired power plants, renewable assets, a hydro generation plant and an LNG terminal. The total portfolio value is estimated at about €2 billion (US$2.47 billion).
According to sources, SEP is currently in early stages of negotiations with E.ON.
Other firms like Edison, an energy company in the field of electricity and natural gas headquartered in Milan, were interested in the Italian portfolio as well.
E.ON is currently trying to complete a €20 billion disposal program due to the fact that its market value has plunged by nearly three quarters since 2008 on the back of a sluggish European economy. As part of this restructuring plan, the German utility giant is also selling non-core assets like its operations in Italy.In early December, we reported that Enbridge Inc. purchased an 80% interest in a portfolio of two wind farms in the U.S. from E.ON. Additionally in early December, we reported that E.ON agreed to sell all of its Spanish and Portuguese businesses to Macquarie European Infrastructure Fund IV (Macquarie Group) and Wren House for an enterprise value of €2.5 billion (US$3.11 billion).
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