Enel Green Power and F2i SGR have closed the agreement to form 50:50 solar joint venture in Italy.
The closure follows an agreement signed on 16 October 2015.
The new JV, which seeks to become the PV market leader in Italy, has an installed capacity portfolio of 207MW made up of the 102 MW brought by EGP – net of a change in scope of 3MW which took place after the signing of the above agreement – and 105MW brought by F2i.
EGP said the transaction is part of its work in “seizing value creation opportunities, including through active management of its asset portfolio, as set out in the company’s current business plan”.
The operation will reduce EGP’s net financial debt by about €120m.
The enterprise value of the EGP assets is about €234m and that of the F2i assets about €282m, with respective equity values of about €91m net of minorities, and about €111m.
Image: Enel
