Enel has finalised the sale of its entire stake in PJSC Enel Russia, which owns 300MW of wind capacity in various stages of development in the country.
The transaction, equal to 56% of PJSC’s share capital, is with PJSC Lukoil and Gazprombank-Frezia for €137m.
As result of the transaction, Enel has disposed of all its Russian power generation assets, which included approximately 5.6GW of conventional capacity and around 300MW of wind capacity at different stages of development.
The sale follows the fulfilment of all the conditions precedent set out in the two separate contracts entered into with the buyers, including approval of the transaction by the President of the Russian Federation in accordance with paragraph 5 of Decree no. 520 of 5 August 2022.
The overall transaction generated a positive effect on the Group’s consolidated net debt of about €610m and a negative impact on reported group net income of around €1.3bn, mainly reflecting the release of a currency translation reserve of around €1bn as of 30 September 2022.
This accounting effect will not have any impact on ordinary economic results.