Enel Green Power (EGP) will sell 50% of its Australian subsidiaries Enel Green Power Australia and Enel Green Power Australia Trust (together EGPA) to INPEX Corporation.
The transaction has a total consideration of approximately €400m enterprise value, 100% basis, of which around €140m in debt.
Upon the transaction’s closing, EGP and INPEX are expected to jointly control EGPA, overseeing the company’s current renewable generation portfolio and continuing to develop its project pipeline, targeting an increase of EGPA’s installed capacity.
The overall transaction is expected to generate a positive impact of around €87m on the 2023 group’s ordinary and reported EBITDA.
Moreover, the deal is expected to generate a positive effect on the group’s consolidated net debt of approximately €145m associated with the 50% stake sold by EGP to be accounted for in 2023, whereby this amount does not include approximately €203m as net debt deconsolidated in 2022, since EGPA was already reported as “held for sale”.
The closing of the sale is subject to certain conditions precedent customary for these kinds of transactions, including clearance from the Australian Foreign Investment Review Board and the competent Antitrust authorities.
EGPA currently operates three solar farms totalling 310MW of installed gross capacity as well as one 76MW wind project under construction and one 93MW solar project in execution.
EGPA is also developing a significant portfolio of wind, solar, storage and hybrid projects, across Australia, alongside expanding its activities in innovative solutions within its retail and trading operations.