ENDESA Signs an Agreement with Italian Group Merloni to Acquire 51% of MF Power, Owner of Three Wind Farms in Italy
October 20 2005 - 11:00AM
Business Wire
ENDESA (NYSE:ELE): -- The three wind farms will have a total
installed capacity of 60 MW. Two of them will start operating
before the first quarter of 2006. -- These new farms will allow
ENDESA Italia to continue to pursue its development plan for
renewable energies. The group expects to have installed capacity of
425 MW by 2009, almost half of which will be up and running in
2006. ENDESA and Merloni have signed an agreement under which
ENDESA will acquire 51% of the Italian company MF Power, owner of
three wind farms with a total capacity of 60 MW. Through this
agreement, ENDESA will acquire 51% of the Italian company which
owns the Vallesacarda I (installed capacity of 15 MW), Vallesacarda
II (9 MW) and Scampitela (36 MW) wind farms. The Villesacarda I
wind farm will start operating in November, while the Vallesacarda
II project is slated to come on-stream in the first quarter of
2006, and the Scampitella farm is still at pre-authorisation stage.
These new farms will allow ENDESA Italia to continue to pursue its
development plan for renewable energies. The group expects to have
installed capacity of 425 MW by 2009, almost half of which will be
operating in 2006. This operation forms part of ENDESA's strategic
plan and is a further step in the implementation of development
policy for Italy. Merloni Merloni is owned by Fineldo (the holding
company for Vittorio Merloni's investments), which also controls
Indesit Company. Indesit Company, listed on the Milan stock
exchange since 1987, enjoys a European market share in large
household appliances of 15%, with over 20,000 employees, 19
facilities, annual turnover of over Euro 3 billion and annual
production of more than 14 million units for European brands,
Ariston and Indesit, and for regional brands, Hotpoint (UK),
Scholtes (France) and Stinol (Russia). This document may contain
certain forward-looking statements regarding anticipated financial
and operating results and statistics that are subject to risks and
uncertainties as well as to material risks, changes and other
factors which may be difficult to predict, including, without
limitation, those factors described in the Documento de Registro de
Acciones of Endesa filed within the Comision Nacional del Mercado
de Valores and in the Form 20-F of Endesa filed within the
Securities and Exchange Commission, both for the fiscal year ended
December 31, 2004. For all of these forward-looking statements, we
claim the protection of the safe harbour for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
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