Enel Green Power sells 50% share in joint venture EF Solare Italia to F2i

Enel, through its subsidiary Enel Green Power, has sold its 50% stake in the joint venture EF Solare Italia, held through EGP fully-owned company Marte S.r.l., for an equity consideration of EUR214 million (US$245 million) to its existing partner in the venture, F2i SGR.

EF Solare Italia, the first solar player in Italy, with a portfolio of around 410 MW, has an enterprise value of approximately EUR1.3 billion (US$1.5 billion), of which around EUR430 million (US$492 million) equity and approximately EUR900 million (US$1 billion) debt.

The sale of EGP’s stake in EFSI is part of the Enel Group’s active portfolio management strategy, which envisages the reallocation of financial resources to capture greater growth margins and potential for the Group. In Italy, Enel is reallocating resources to greenfield renewable projects rather than acquiring already operating assets.

The EUR214 million (US$245 million) consideration was paid in full at closing, generating a positive impact of the same amount on Group’s net financial debt. The price is subject to adjustments in line with standard practice for this type of transaction.