Enel cites deal to sell 50% of Greek subsidiary to Μacquarie Asset Management

Enel S.p.A., acting through its fully-owned subsidiary Enel Green Power S.p.A., has signed an agreement with Macquarie Asset Management, via the Macquarie Green Investment Group Renewable Energy Fund 2, for the sale of 50 percent of Enel Green Power Hellas, EGP’s fully-owned renewable subsidiary in Greece.

The total consideration was given at roughly 345 million euros, equal to an implied full enterprise value of approximately 980 million euros, according to an Enel press release.

“Upon the transaction’s closing, EGP and Macquarie Asset Management are going to enter into a shareholder agreement which envisages the joint control of EGPH in order to co-manage the company’s current renewable generation portfolio alongside continuing to develop its project pipeline, further increasing its installed capacity,” the press release added.