Enel Green Power sells solar JV EF Solare Italia to F2i

Enel S.p.A., through its subsidiary Enel Green Power S.p.A. (EGP) has sold its 50% stake in the joint venture EF Solare Italia S.p.A (EFSI), held through EGP fully-owned company Marte S.r.l., for an equity consideration of 214 million euros to its existing partner in the venture, F2i SGR S.p.A.

In line with the sale agreement, EFSI, which manages and acquires operating solar plants in Italy, has an enterprise value of approximately 1.3 billion euros, of which around 430 million euros of equity value and approximately 900 million euros of third party 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 214 million euro 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.
EFSI, which was set up in 2015 with the aim to consolidate the Italian photovoltaic market through the acquisition of operating assets, is the first solar player in Italy with 130 operating PV facilities throughout the country for a total installed capacity of 410 MW.

In Italy, Enel owns and operates more than 14 GW of renewable plants, including over 12.4 GW of hydro, around 772 MW of wind power, approximately 763 MW of geothermal facilities and around 20 MW of solar.