Enel S.p.A., acting through its fully-owned subsidiary Enel Green Power S.p.A., signed an agreement with Macquarie Asset Management, via the Macquarie Green Investment Group Renewable Energy Fund, for the sale of 50% of Enel Green Power Hellas, EGP’s fully-owned renewable subsidiary in Greece, for 345 million euros, equal to an implied full enterprise value of approximately 980 million euros.
EGP and Macquarie Asset Management will enter into a shareholder agreement over the joint control of EGPH in order to co-manage the company’s current renewable generation portfolio while continuing to develop its project pipeline, further increasing its installed capacity.
The closing of the sale, which is expected by the last quarter of 2023, is subject to certain conditions precedent customary for these kinds of transactions, including the clearance from competent antitrust authorities.
EGPH operates 59 plants totaling 482 MW of installed capacity powered by wind, solar and hydro as well as six solar projects under construction for an overall capacity of 84 MW. EGPH is also developing a portfolio of wind and solar projects, alongside expanding its activities in innovative solutions such as storage and hybrid projects.
