Enel Group is selling all equity stakes in Romania to PPC, the largest electric power company in Greece, for €1,3 billion ($1.3 billion). The sale is part of the energy major’s attempt to reduce debt; their consolidated net debt amounts to approximately €1.7 billion ($1.8 billion), according to Smart-Energy.com.
It also comes as part of Enel Group’s disposal plan to reposition their business and geographic interests, as announced in their 2023 to 2025 strategic plan. The plan aims to focus the Group’s clean energy growth across targeted countries, namely Italy, Spain, the United States, Brazil, Chile and Colombia.
Enel Group has been operating in Romania since 2005 in power distribution and supply, as well as renewable energy, with over 500MW managed by Enel Green Power Romania and advanced energy services.
The Group’s Romanian distribution companies operate in three key areas of the country, namely Muntenia Sud (including Bucharest), Banat and Dobrogea, serving a total of over 3 million customers.
Closing of the sale is expected by the third quarter of 2023.
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