Rome, February 29th, 2016 Today saw the completion of the sale of Enel Produzione S.p.A. (Enel Produzione)s entire 49% stake in Hydro Dolomiti Enel S.r.l. (HDE) to Fedaia Holdings S.à r.l. (Fedaia), a Luxembourg-based subsidiary of Macquarie European Infrastructure Fund 4 (MEIF4). The consideration of the transaction was finalised at 335.4 million euros, as per the agreement signed on November 13th, 2015 between Enels subsidiary Enel Produzione and Fedaia.
Enel Produziones stake in HDE was sold to the Italian company Fedaia Investments S.r.l., which was designated as the purchaser by Fedaia and is also controlled by MEIF4. The completion of the transaction follows clearance from the EU antitrust authority which was the final outstanding condition precedent provided for in the sale agreement. The transaction enables the Enel Group to reduce its consolidated net financial debt by approximately the total consideration noted above.
With the closing of the sale of HDE, the total value of disposals already completed rises to 1.9 billion euros, out of a total of 3.7 billion euros of sale agreements reached to date as part of Enels programme to actively manage its asset portfolio. Proceeds from the programme, which was expanded to 6 billion euros as announced during the presentation of Enels strategic plan in November 2015, are intended to finance the Groups further growth.
HDE operates hydropower plants, mainly located in the Province of Trento, with a total installed capacity of about 1,280 MW. More specifically, the assets comprise 26 large hydro plants, for a total of 1,277.3 MW, and two small hydro facilities, totalling 2.4 MW.
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