Enel to Acquire Hydro Plants Portfolio Through ERG Hydro Takeover
August 03 2021 - 2:45AM
Dow Jones News
By Mauro Orru
Enel SpA's subsidiary Enel Produzione SpA has signed an
agreement to acquire ERG Hydro Srl and its portfolio of
hydroelectric plants, in a deal that bolsters the group's installed
renewable capacity in Italy.
The Rome-based energy company said late Monday that the
agreement between Enel Produzione SpA and ERG Power Generation SpA,
which owns ERG Hydro, is based on a consideration of 1.04 billion
euros ($1.23 billion) for an enterprise value of EUR1 billion.
The company will fund the acquisition through cash flows from
current operations and existing debt capacity.
ERG Hydro owns a portfolio of hydro plants for an installed
capacity of 527 megawatts, consisting of 19 hydro plants and seven
micro hydro plants. It also has seven large dams and four
reservoirs.
Enel expects to close the transaction at the beginning of 2022,
taking its installed hydro capacity in Italy to about 13 gigawatts
and its total renewable capacity to about 14.5 gigawatts.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 03, 2021 02:31 ET (06:31 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Enel (BIT:ENEL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Enel (BIT:ENEL)
Historical Stock Chart
From Jul 2023 to Jul 2024