The European Commission approved that sale of a 50% stake in Enel’s Greek RES subsidiary to a fund owned by Macquarie Asset Management for 345 million euros. The EC has decided that the plan is not expected to harm competition. The EC said its determination is based on the limited combined market position of the companies involved in the transaction.
In June, the two companies have signed a deal under which the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2) will buy the 50% stake in Enel Green Power Hellas. The Greek subsidiary’s existing portfolio consists of 59 power plants with a total installed capacity of 482 MW in wind, solar and hydropower. It is currently building six solar power facilities totaling 84 MW and developing a portfolio of wind and solar projects.
Enel said that this divestment will generate a positive impact of about 390 million euros on the group’s 2023 earnings before interest, tax, depreciation and amortization (EBITDA).
The closing of the transaction is scheduled for the last quarter of 2023.
