Enel Green Power has sold 50% of its Greek subsidiary to Macquarie Asset Management, via the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2).
The stake in Enel Green Power Hellas (EGPH) has been acquired for a total consideration of €345m, which Enel said is equal to an implied full enterprise value of approximately €980m.
EGPH operates 59 plants totaling 482 MW of installed capacity powered by wind, solar and hydro as well as six solar projects under construction for an overall capacity of 84MW.
EGPH is also developing a portfolio of wind and solar projects, alongside expanding its activities in innovative solutions such as storage and hybrid projects.
Upon the transaction’s closing, EGP and Macquarie Asset Management are going to enter into a shareholder agreement.
This will envisage 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 closing of the sale, which is expected by the last quarter of 2023, is subject to certain conditions precedent customary for these kinds of transactions, including the clearance from competent Antitrust authorities.