Enel’s estimated investment in the project is E290 million with non-recourse project financing. Work is scheduled to start in July 2008 and is expected to be completed by early 2011. The new plant will generate 2.5TWh a year for the Belgian market. Construction work will be performed by Enel Produzione under a turnkey contract.
With this transaction, Enel Investment Holding (EIH) has replaced Duferco Diversification, a subsidiary of the Duferco Group, as the controlling shareholder of Marcinelle Energie. Duferco Diversification remains a minority shareholder of Marcinelle Energie, with a stake of 20%.
Enel will pay Duferco a total of E32 million for 80% of Marcinelle Energie, of which E19.2 million has already been paid, with the remaining E12.8 million to be settled in two installments in 2009 and 2010.
