Enel halts stake sale in Greek renewable business - report

May 26, 2023 09:50 AM ET
  • The suggested sale of a 50% passion in Enel SpA's (BIT: ENEL) Greek renewable energy subsidiary has actually been momentarily frozen, Greek news website Newmoney reports.
Enel halts stake sale in Greek renewable business - report

Speak to finalise the deal will take longer than originally expected as a result of the recent management changes at the Italian group, unrevealed resources have said. Enel's new CEO Flavio Cattaneo is supposedly taking time to assess the choices of his precursor regarding the revamp of the business's businesses and also the sales version for the Greek deal, which was initially said to entail complete divestment.

Australia's Macquarie Group was reported to be the recommended suitor for the 50% stake in Enel Green Power Hellas. According to unconfirmed details reported by the paper, Enel plans to include a clause in the agreement that will offer it with an option to redeem the stock.

Enel Green Power Hellas owns 65 assets, of which 368.5 MW of wind, 163.7 MW of solar and also 19.3 MW of hydroelectric, since end-September 2022, its website shows.

The Greek sale becomes part of Enel's strategy to tighten up spending in 2023-2025 by losing assets worth EUR 21 billion (USD 22.6 bn) as it works to reduce internet financial obligation and also concentrate on six core markets. The technique imagines disposals in Romania, Peru, Argentina and also Brazil.


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