Enel Green Power has signed an agreement to sell its entire holding in its Portuguese unit Finerge Gestao de Projectos Energeticos to First State Wind Energy Investments for \u20ac900 million (US$1.04 billion).<\/p>\n
Finerge was previously owned by Enel\u2019s subsidiary Enel Green Power Espana. It works in the development, construction and operation of wind farms in Portugal, and currently holds indirectly through subsidiaries a portfolio of operating plants with a total consolidated installed capacity of 126MW, as well as minority stakes for 292MW.<\/p>\n
First State Wind Energy Investments is 100%-owned by funds managed by First State Investments, a global asset management business. The total consideration of \u20ac900 million includes the repayment of a shareholder loan to Finerge. EGP will exit the Portuguese renewables market upon completion of the disposal.<\/p>\n
\u201cThis disposal of our Portuguese assets is part of our active portfolio management strategy, a key pillar of the Group\u2019s five year strategic plan\u201d said Enel Green Power CEO Francesco Venturini. \u201cThere is strong demand for renewable assets and by selling an operational platform in a mature market, we register an early success in delivering against the commitments we made to the market earlier this year.\u201d<\/p>\n
Finerge also holds a stake of 35.96% in Eolicas de Portugal, which owns a portfolio of operating wind farms with a total installed capacity of 1,333MW. The shareholders of ENEOP are in the process of separating the assets of the company. Upon completion of this transaction, Finerge will become the sole owner of four special purpose companies that in turn own wind farms with total installed capacity of 445MW. Following this transaction, Finerge will own wind farms in Portugal with a total installed capacity of 863MW, equivalent to a net capacity of 642MW.<\/p>\n
The completion of the sale, which is due in the fourth quarter of 2015, is subject to the conclusion of the separation of ENEOP\u2019s assets.<\/p>\n
The total consideration of \u20ac 900 million is subject to price adjustments in line with standard practice for this type of transaction. The amount will be paid in full on the date of completion of the sale, generating an estimated positive impact on the Enel Green Power Group\u2019s consolidated net financial debt of approximately \u20ac550 million on the same date, taking account of the effects of the consolidation of ENEOP. The expected gain on the transaction, which includes the effects of ENEOP\u2019s consolidation, is estimated at about \u20ac30 million.<\/p>\n
In 2014 Finerge posted consolidated revenues of about \u20ac38 million and consolidated EBITDA of some \u20ac29 million. The sale of Finerge and the resulting exit from the Portuguese renewable energy sector is part of the Enel Green Power Group’s strategy to optimise its portfolio and leverage current opportunities in countries with greater development potential, in line with the objectives of the company\u2019s 2015-2019 business plan.<\/p>\n","protected":false},"excerpt":{"rendered":"
Enel Green Power has signed an agreement to sell its entire holding in its Portuguese unit Finerge Gestao de Projectos Energeticos to First State Wind Energy Investments for \u20ac900 million (US$1.04 billion). <\/p>\n","protected":false},"author":2,"featured_media":463,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[683,687,677,680],"tags":[],"class_list":["post-4770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals-finance","category-europemiddle-eastafrica","category-head-lines","category-wind"],"yoast_head":"\n