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Italy

Italy

Enel to shed French assets and US stake

WORLDWIDE: Enel Green Power has said it plans to sell all of its French wind assets and seek a minority partner for its renewable developments in North America to free up funds for markets with high-growth potential.

Enel has 178MW of operating wind assets in France
Enel has 178MW of operating wind assets in France

The renewable arm of the Italian power group explained in a presentation on its first-half results that its French business lacked "critical mass". It therefore intends to sell all of EGP France, which boasts operational wind developments with a combined capacity of 178MW, with a further 28MW of projects under construction.

In North America, EGP said it could sell a minority equity investment in a 700MW portfolio composed of wind, solar, hydro and geothermal assets. The funds would be used to accelerate development in the market.

EGP's total capacity in North America comes to nearly 2GW.

The company's CEO Francesco Venturini told analysts in a conference call: "If someone pays us 15-20 times EBITDA (earnings before interest, tax, depreciation and amortisation) it would be difficult not to consider that offer."

Venturini said that the transactions could be completed by late this year or early 2015.

The company has increasingly shifted investments away from mature markets in Europe towards emerging markets in Latin America and elsewhere. Venturini said funds from disposals would not be re-invested in Europe.

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