Enel Closes Sale of Photovoltaic Portfolio. Enel S.p.A. and its subsidiary Enel Chile S.A. have finalized the sale of all their equity interests in Arcadia Generación Solar S.A., a Chilean company holding a portfolio of four operating photovoltaic power plants with a total capacity of around 416 MW, to Sonnedixan international producer of renewable energy. The transaction was concluded after the fulfillment of all conditions precedent set out in the share purchase agreement signed on July 12, 2023, including the approval of the Chilean competition authority, the Fiscalía Nacional Económica (FNE).
Transaction details
In accordance with the agreement, the buyer paid a total consideration of 556 million US dollars, or around 525 million euros, corresponding to the 100% enterprise value agreed by the parties. The transaction is expected to have a positive impact on the Enel Group’s net debt of around 525 million euros and on the Group’s net income in 2023 of around 50 million euros. However, the transaction is not expected to have any impact on the Group’s ordinary economic results.
Contribution to Strategic Objectives
In line with the Enel Group’s Strategic Priorities, this transaction contributes to the objective of constantly improving returns on capital employed to support future development projects.
Photovoltaic Portfolio
The photovoltaic portfolio, located in the Atacama and Antofagasta regions of northern Chile, comprises four power plants:
- Diego de Almagro (36 MW, in operation since 2014)
- Carrera Pinto (97 MW, in operation since 2016)
- Pampa Solar Norte (79 MW, in operation since 2016)
- Domeyko (204 MW, in operation since 2022)
Together, these plants generate around 1 TWh/year of net output.
Enel’s presence in Chile
The Enel Group is present in Chile through Enel Chile, a leader in the country’s renewable energy market, with a diversified portfolio including wind, solar, hydroelectric and geothermal facilities.
Sonnedix, a Major Player in Renewable Energy
Sonnedix is a global renewable energy producer with over ten years’ experience in the development, construction and operation of renewable energy projects, with a total capacity of more than 9 GW.
This transaction reflects Enel’s ongoing commitment to renewable energy and contributes to the transition to a cleaner, more sustainable future. It also strengthens Sonnedix’s presence in the renewable energy market in Chile, a region with enormous potential for solar energy development.
