Enel, the Italian utility, announced on Wednesday that it has reached an agreement with Macquarie Asset Management for the sale of a 50% stake in Enel Green Power Hellas. The transaction, valued at €345 million ($381.4 million), will not only enable Enel to reduce its debt but also pave the way for further growth and development.
Under the agreement, Macquarie and Enel will become joint shareholders of EGPH, allowing them to collectively manage the project pipeline and expand the company’s installed capacity. This partnership aims to support EGPH’s future endeavors.
The sale price reflects an enterprise value, including debt, of approximately €980 million, as stated by Enel. Furthermore, the company anticipates a substantial reduction of its consolidated net debt by around €345 million. Additionally, Enel expects to gain €390 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year 2023 as a result of this deal.
Subject to regulatory approval, the transaction is scheduled to be finalized in the fourth quarter of 2023. Enel aims to complete the process promptly.