Enel sells Russian power generation assets

Italian energy giant Enel has sold its power generation assets in Russia, following other western wind players that halted new investments in Putin’s country after the invasion of Ukraine.

It has closed the €137 million deal to sell its 56.43% stake in PJSC Enel Russia to PJSC Russian multinational energy firm Lukoil and investment fund Gazprombank-Frezia.

Enel had developed 90MW of operational onshore wind capacity in Russia, and was working to develop a further 272MW, according to Windpower Intelligence, the research and data division of Windpower Monthly.

And it had tried to extend its position in Russian wind with a new 100MW-plus project as recently as September 2021. It also had about 5.6GW of fossil fuel capacity in the country.

However, following Russia’s invasion of Ukraine in February, western companies – including those in the wind power industry – have been exiting the pariah state.