Enel sells 50% of Enel Green Power Australia to Inpex
(Teleborsa) – Enelthrough its wholly owned subsidiary Enel Green Power (EGP), has signed a agreement with INPEX Corporation for the sale of 50% of the two companies that own all the group’s assets in Australiain particular Enel Green Power Australia Pty Ltd and Enel Green Power Australia Trust, for a total consideration of approximately 400 million euros of enterprise value, referred to 100%, of which approximately 140 million euros in debt.
The operation is in line with the current Strategic Plan of Enel, which provides for the creation of partnerships in some businesses and geographical areas to increase the creation of value, reads a note.
Positive effect on debt
The overall operation is expected to generate an iPositive impact of around 87 million euros on EBITDA ordinary and reported group for 2023. In addition, the transaction is expected to generate a positive effect on the group’s consolidated net debt of around 145 million euros linked to the 50% stake sold by EGP which will be accounted for in 2023; this amount does not include approximately €203 million of net debt deconsolidated in 2022, as EGPA was already classified as “held for sale”.
The two Australian companies manage 3 photovoltaic systems for a total of 310 MW of gross installed capacity, plus a wind project under construction with a capacity of 76 MW and at a solar project under construction with capacity of 93 MW. In addition, they are developing a significant portfolio of wind, solar, storage and hybrid projects across Australia, as well as expanding their business into innovative solutions within its retail and trading businesses.