Italian energy company Enel SpA is in the process of selling its Greek subsidiary and the country’s wind, solar and hydropower portfolio, totaling 551.2 MW, in a deal that could be worth up to 1.2 billion euros, Italian daily Milano Finanza reports.
Bids for Enel Green Power Hellas are expected to start coming in over the next few days, with hopes of reaching the final stage of the process by mid-February at the earliest. According to the report, the value of the agreement is estimated at one billion to 1.2 billion euros.
KKR, Macquarie, Antin and State Grid of China are reportedly on the list of interested companies.
Enel Green Power Hellas owned 60 power plants in Greece by the end of September 2022, of which 368.2 MW of wind capacity, 163.7 MW of solar power plants and 19.3 MW of hydropower plants, according to the company’s website.
Enel’s intention to sell its assets in Greece is part of the group’s plan to reduce expenses in the period 2023-2025. by selling assets worth 21 billion euros, while working to reduce net debt, focusing on six key markets. The strategy, which was presented in November last year, envisages the sale of subsidiaries in Romania, Peru, Argentina and Brazil.
In December 2022, the Greek power company PPC announced that it had entered into exclusive negotiations with Enel regarding the potential acquisition of its Romanian subsidiaries.
