Enel exits 410-MW Italian solar JV

Solar park in Italy. Author: Solar Farm - Solar energy power plants. License: Creative Commons, Attribution 2.0 Generic

December 26 (Renewables Now) - Italian utility Enel SpA (BIT:ENEL) has sold its stake in the solar joint venture EF Solare Italia SpA (EFSI), owner of 410 MW of assets, to its partner F2i SGR for an equity consideration of EUR 214 million (USD 243.61m).

The deal was carried out through Enel Green Power (EGP). Paid in full at closing, the consideration is still subject to adjustments, Enel said.

EFSI, which focuses on the acquisition of Italian solar operating assets, currently holds 130 photovoltaic (PV) plants. The former JV also has an enterprise value of approximately EUR 1.3 billion euros.

This move is in line with Enel’s strategy to reallocate resources to greenfield renewable projects in Italy, instead of acquiring already operational plants. "With this sale, we are leveraging on the favourable market scenario for solar assets in Italy to free up resources supporting the development and construction of new projects," said Antonio Cammisecra, head of EGP.

Overall, Enel owns and operates more than 14 GW of renewable plants in Italy, of which 12.4 GW are hydro, around 772 MW are wind, approximately 763 MW are geothermal and some 20 MW are solar.

(EUR 1 = USD 1.14)

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