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Italian utility group Enel announced Thursday it will sell its Romanian operations to Greek group Public Power Corp (PPC) for 1.26 billion euros as part of its plan to cut debt and focus on cleaner energy.
“The agreement provides for the payment by PPC of a total amount of approximately 1.260 billion euros, the deal being valued at 1.9 billion euros (100% of shares). In addition, the total amount may be adjusted according to clauses customary in such transactions as well as through a mechanism for potential further payments, depending on the future value of the retail business,” Enel said in a statement sent to AGERPRES on Thursday.
The Enel Group has been a major energy player in Romania since 2005, with activities in the distribution and supply of electricity, in the field of renewable energy generation through capacities of over 500 MW operated by Enel Green Power Romania, and in the field of advanced energy services. The Group’s distribution companies in Romania are present in three major regions of the country, namely South Muntenia (including Bucharest), Banat and Dobrogea, serving a total of over 3 million customers. Enel Energie and Enel Energie Muntenia are major suppliers of electricity and natural gas as well as value-added services. In Romania, the Group is also active through Enel X in smart home services, on-site energy production and energy efficiency, and through Enel X Way in electric mobility.
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