Enel Green Power (EGP), a renewal energy-focused subsidiary of Italian power giant Enel Group, has divested its stake in the joint venture EF Solare Italia (EFSI) to F2i SGR for an equity consideration of €214m.
Enel Green Power offloads 50% stake in EF Solare Italia JV. Photo: Courtesy of Zbynek Burival on Unsplash.
Enel Green Power (EGP), a renewal energy-focused subsidiary of Italian power giant Enel Group, has divested its stake in the joint venture EF Solare Italia (EFSI) to F2i SGR for an equity consideration of €214m.
EFSI operates and buys solar plants operating in Italy and has a portfolio of around 410MW in the country. The company has an enterprise value of almost €1.3bn, of which about €430m of equity value and nearly €900m of third party debt.
Commenting on the deal, EGP head Antonio Cammisecra said: “With this sale, we are leveraging on the favourable market scenario for solar assets in Italy to free up resources supporting the development and construction of new projects.
“At present, we are scouting for renewable projects in Italy, to be ready to couple greenfield development in the Country with our other growth opportunities, which are plant repowering and continuous technological innovation.”
Enel said that the divestiture of EGP’s stake in EFSI is part of its active portfolio management strategy, whereby the company seeks to reallocate financial resources to capture growth margins and potential for the group.
Enel is transferring resources to greenfield renewable projects in Italy instead of buying already operating assets.
Enel owns and operates over 14GW of renewable plants in the country, including over 12.4GW of hydro, almost 772MW of wind power, nearly 763MW of geothermal facilities and approximately 20MW of solar.
Enel Green Power has a presence in Europe, the Americas, Asia, Africa and Oceania.