Enel Sells Majority Stake in Mexican Renewables Plants for $340 Million -Update
09 Octubre 2017 - 12:06PM
Noticias Dow Jones
By Pietro Lombardi
Italian utility Enel SpA (ENEL.MI) said on Monday that it has
sold an 80% stake in a Mexican holding company controlling
renewables plants for $340 million.
Through its renewables subsidiary Enel Green Power, Enel said it
signed agreements with Canadian institutional investor Caisse de
depot et placement du Quebec and the investment vehicle of Mexican
pension funds CKD Infraestructura Mexico to sell 80% of the share
capital of the Mexican holding company. The Mexican holding company
controls--through special purpose vehicles--three renewables plants
in operation and a further five that are under construction, with a
total capacity of 1.7 gigawatts.
The entire deal is worth a total $1.35 billion, with the sale of
the stake accounting for roughly $340 million. The remaining $1.01
billion comprises financing granted to the holding company by the
buyers, Enel said.
Enel said it expects the deal to be completed by the end of
2017, adding that it will help the company cut its net debt by
about $1.9 billion.
Enel said it will continue to operate the plants under
engineering, procurement and construction contracts and long-term
asset management agreements.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
October 09, 2017 12:51 ET (16:51 GMT)
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