E.On has sold its thermal generating assets in Italy to Czech firm Energetický a Průmyslový Holding (EPH).

E.On has sold its thermal generating assets in Italy to Czech firm Energetický a Prumyslový Holding (EPH), it has announced.

The gas- and coal-fired power plants have a combined generating capacity of 4500 MW and are a key element of energy security in Italy. The transaction will enable EPH to diversify its activities in Europe and is a key element of E.On’s satrtegy to improve its balance sheet.

"Our conventional generation activities in Italy are high performing assets with a climate-friendly and diversified generation fleet," said Johannes Teyssen, E.On CEO. "We continue to assess a possible divestment of our other businesses in Italy as well."

E.On announced its intention to sell its Italian businesses in late 2013. The conventional generating assets include the 600 MW coal-fired Flume Santo power plant in Sardinia and around 3900 MW of gas-fired capacity across six plants on the Italian mainland and in Sicily.