Enel has closed the sale of 50% of the two entities owning the group’s renewables activities in Australia, namely Enel Green Power Australia Pty and Enel Green Power Australia Trust (together known as EGPA) to INPEX for approximately €142m.
EGPA currently operates three solar plants totalling 310MW of installed gross capacity and one 76MW wind project. It also has a 93MW solar project currently under construction.
The company 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.
The company said the deal is in line with Enel’s current strategic plan, which envisages the implementation of partnerships in certain businesses and geographies to enhance value creation.
Upon the transaction’s closing, EGP and INPEX are expected to jointly control EGPA, overseeing the company’s current renewables generation portfolio and continuing to develop its project pipeline, targeting an increase of its installed capacity.
This ensures EGPA will continue to drive the energy transition underway in Australia, accelerating its contribution to achieve the country’s net zero target said Enel.
The company said the transaction generated a positive impact on Enel Group EBITDA of approximately €95m, alongside an expected positive effect on consolidated net debt of around €142m.
This amount does not include approximately €203m as net debt deconsolidated in 2022, since EGPA was already reported as “held for sale”.