Italian energy company Enel, through its subsidiary Enel Green Power (EGP), has agreed to sell 50% of Enel Green Power Hellas (EGPH) to Australian asset manager Macquarie Asset Management.

Through its Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), Macquarie will purchase Enel’s renewable subsidiary in Greece, for around €345m.

The purchase price implies an enterprise value of around €980m for EGPH.

The transaction is expected to be completed by the last quarter of this year, subject to certain customary closing conditions, including clearance from competent Antitrust authorities.

After completion of the transaction, EGP and Macquarie Asset Management will enter into a shareholder agreement.

Under the agreement, the two parties will jointly control EGPH, to co-manage Enel’s current renewable generation portfolio, while continuing to develop its project pipeline.

EGPH currently operates 59 plants, including wind, solar and hydro projects totalling 482MW of installed capacity, along with six solar projects under construction, totalling 84MW capacity.

The business also develops a portfolio of wind and solar projects, expanding activities in advanced solutions such as storage and hybrid projects.

The sale of a 50% stake in EGPH would generate a total positive effect on the 2023 consolidated net debt of around €345m and generate a positive impact of about €390m on 2023 EBITDA.

It does not include about €400m net debt deconsolidated in 2022, since EGPH was already reported as held for sale, said the Italian energy company.

Recently, EGP signed an agreement with Japanese oil company INPEX, to sell a 50% stake in two entities that own its entire activities in Australia.

The two entities, Enel Green Power Australia and Enel Green Power Australia Trust, collectively called Enel Green Power Australia (EGPA), are currently wholly owned by EGP, for a total of around €400m.

The transaction is subject to certain customary closing conditions, including approval from the Australian Foreign Investment Review Board.

Upon its closing, EGP and INPEX will jointly control EGPA, supervising its current renewable generation portfolio and developing its project pipeline.