February 3 (Renewables Now) - Italian energy major Enel SpA (BIT:ENEL) is in the process of selling its Greek subsidiary and its 551.2-MW portfolio of wind, solar and hydropower assets in a deal that could be worth up to EUR 1.2 billion (USD 1.31bn), Italian daily Milano Finanza reports.
Offers for Enel Green Power Hellas are expected to start coming in the next few days, with the hope of reaching the final stages of the process in mid-February, at the earliest. According to the report, the business is valued at between EUR 1 billion and EUR 1.2 billion.
KKR, Macquarie, Antin and State Grid of China are reported to be on the list of suitors.
Enel Green Power Hellas owns 60 plants in Greece, of which 368.2 MW of wind, 163.7 MW of solar and 19.3 MW of hydroelectric, as of end-September 2022, its website shows.
Enel’s potential intention to offload its assets in Greece is part of the group’s plan to tighten spending in 2023-2025 by shedding assets worth EUR 21 billion (USD 22.3bn) as it works to bring down net debt and focus on six core markets. The strategy, presented in November last year, envisages the sale of assets in Romania, Peru, Argentina and Brazil.
In December 2022, Greek power utility PPC SA said it had entered exclusive talks with Enel over the potential acquisition of its Romanian business.
(EUR 1.0 = USD 1.091)