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Friday, December 8, 2023
HomeLatest NewsEnel agrees to sell 50% of its 'green' subsidiary in Australia to...

Enel agrees to sell 50% of its ‘green’ subsidiary in Australia to Inpex Corporation

Date: December 8, 2023 Time: 12:12:56

Enel, through Enel Green Power (EGP) has sealed the agreement with Inpex Corporation to sell all the activities it carries out in Australia. Enel sells 50% of the two entities of Enel Green Power Australia Pty and Enel Green Power Australia Trust that together form Enel Green Power Australia (EGPA), for a total amount of approximately €400 million of enterprise value, including 140 million in debt.

After the transaction, it is expected that EGP and Inpex intend to collaborate jointly in EGPA to oversee the company’s current portfolio of the transition to renewable generation and continue the development of its portfolio of projects. One of the main objectives is to increase EGPA’s installed capacity, ensuring that it continues to drive the ongoing energy transition in Australia. At the same time, it will accelerate its contribution to achieving the country’s net zero emissions goal.

For its part, the transaction is expected to generate at least a positive impact of around 87 million euros on the group’s ordinary gross operating result (Ebitda) in 2023. At the same time, the operation is expected to generate a positive effect in the net debt that has been generated of approximately 145 million euros in the debt associated with the sale of 50% of the stake by EGP to be accounted for in 2023.

Implementation of innovative solutions

The deal with the Japanese company, which is subject to certain customary conditions precedent, including clearance by the Australian Foreign Investment Review Board and relevant antitrust authorities, is in line with Enel’s current strategic plan, which calls for the implementation partnership action in certain businesses and geographies to enhance value creation.

EGPA currently operates 3 plants with a total of 310 MW of gross installed capacity powered by solar energy, as well as a 76 MW wind project under construction and a 93 MW solar project under construction. In addition, EGPA is also developing a significant portfolio of projects for wind, solar, storage and hybrid operations across Australia, as well as expanding its activities in innovative solutions within its retail and commercial.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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