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Italy

Italy

EGP close to sale of US and French assets

ITALY: Enel Green Power's (EGP) French wind business and a minority holding in a portfolio of wind and other renewable energy assets in the US have drawn strong interest from investors, said EGP chief executive Francesco Venturini.

EGP's Collorec 8MW project in, Finistère, France
EGP's Collorec 8MW project in, Finistère, France
In a conference call with analysts, Venturini said several non-binding offers have been received for 100% of EGP France, which owns 196MW in France, as well as for a portfolio of about 700MW in US wind, hydro, solar and geothermal assets.

EGP expects to wrap up both deals by year end. Potential buyers of US activities — representing a portion of EGP's 2GW US renewable portfolio — include both conventional and renewable energy firms, along with pension, insurance and infrastructure funds, he said.

Venturini said investor demand for these assets reflects "a growing interest to invest in benchmark assets in an environment of low interest rates".

Funds from disposals may be used to accelerate growth, in both emerging markets and the US. Venturini hinted other disposals could be in store, particularly in Europe.

He added: "We continuously evaluate the value of our assets and what the market would give us. Europe right now is a strange market. If there are opportunities [to sell], why not pursue them?"

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