EC Greenlights Enel's Aussie Exit Plan

• Enel SpA's plan to sell a 50% stake in its Australian renewable energy business to Inpex Corp has been approved by the European Commission. The deal is worth EUR 400 million, with EUR 140 million in debt. Enel Green Power Australia currently operates three solar farms and is building 170 MW of wind and solar parks. This sale is part of Enel's strategy to reduce net debt in 2023-2025.

The European Commission has approved Enel SpA's plan to sell a 50% stake in its Australian renewable energy business to Japanese oil and natural gas producer Inpex Corp. The transaction will have an enterprise value of EUR 400 million (USD 439.5m) and include some EUR 140 million in debt. Enel Green Power Australia currently operates three solar farms totalling 310 MW and is building around 170 MW of wind and solar parks. The sale is part of Enel's strategy to tighten spending in 2023-2025 and reduce its net debt by EUR 145 million.

What Was Enel's Plan to Reduce Its Net Debt?

• Enel’s plan to reduce its net debt involves selling a 50% stake in its Australian renewable energy business to Japanese oil and natural gas producer Inpex Corp.
• The transaction will have an enterprise value of EUR 400 million (USD 439.5m) and include some EUR 140 million in debt.
• Enel Green Power Australia currently operates three solar farms totalling 310 MW and is building around 170 MW of wind and solar parks.
• The sale is part of Enel's strategy to tighten spending in 2023-2025 and reduce its net debt by EUR 145 million.
• Enel plans to use the funds raised from the sale to boost their spending on new projects and invest in green technologies.
• Enel has also announced plans to increase the use of renewable energy sources to around 70% of its overall mix by 2030.
• The company is committed to achieving net zero carbon emissions by 2050.