Enel Green Power has sold its 50% stake in the joint venture EF Solare Italia for €214m to the other partner F2i SGR.
EF Solare Italia owns 130 plants with combined capacity of 410MW in Italy.
The sale is part of the Enel Group’s “active portfolio management strategy, which envisages the reallocation of financial resources to capture greater growth margins and potential for the group”.
Enel said in Italy it is reallocating resources to greenfield renewable projects rather than acquiring already operating assets.
Enel Green Power head Antonio Cammisecra said: “With this sale, we are leveraging on the favourable market scenario for solar assets in Italy to free up resources supporting the development and construction of new projects.
“At present, we are scouting for renewable projects in Italy, to be ready to couple greenfield development in the country with our other growth opportunities, which are plant repowering and continuous technological innovation.”
Enel owns and operates more than 14GW of renewable plants in Italy, including over 12.4GW of hydro, about 772MW of wind power, approximately 763MW of geothermal and 20MW of solar.