INPEX will acquire 50% stake in Enel Green Power Australia and Enel Green Power Australia Trust, collectively called Enel Green Power Australia (EGPA), for a total consideration of around €400m, comprising €140m in debt
Enel's offices in Milan in Via Carducci. (Credit: Enel)
Enel, through its subsidiary Enel Green Power (EGP), has 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.
The purchase price includes a total consideration of around €400m, comprising €140m in debt.
The transaction is expected to be completed subject to certain customary closing conditions, including approval from the Australian Foreign Investment Review Board.
Upon closing, EGP and INPEX will jointly control EGPA, supervising its current renewable generation portfolio and developing its project pipeline to increase EGPA’s installed capacity.
EGPA currently operates three solar-powered facilities totalling 310MW of installed capacity, along with a 76MW wind project under construction and a 93MW solar project in execution.
It is also developing a portfolio of wind, solar, storage and hybrid projects, across Australia, alongside expanding its activities in innovative solutions within its retail and trading operations.
The deal is consistent with its strategy targeting the implementation of partnerships in certain businesses and geographies to enhance value creation, said the Italian energy company.
Enel, in its statement, said: “The overall transaction is expected to generate a positive impact of around 87 million euros on the 2023 Group’s ordinary and reported EBITDA.
“Moreover, the deal is expected to generate a positive effect on the Group’s consolidated net debt of approximately 145 million euros associated with the 50% stake sold by EGP to be accounted for in 2023, whereby this amount does not include approximately 203 million euros as net debt de-consolidated in 2022.”
Recently, Enel, together with its subsidiary Enel Chile, agreed to sell its entire equity interest in the share capital of Arcadia Generación Solar, to certain affiliates of Sonnedix.
Sonnedix Chile Arcadia and Sonnedix Chile Arcadia Generación, controlled by international renewable energy producer Sonnedix, will purchase Arcadia Generación Solar.
Arcadia Generación Solar owns a portfolio of four operating PV plants with about 416MW installed capacity, located in the Atacama and Antofagasta regions in northern Chile.
The closing of the transaction is subject to certain customary closing conditions, including clearance from the Chilean antitrust authority Fiscalía Nacional Económica (FNE).