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Enel Green Power Hellas: a new acquisition for Macquarie

Enel is expected to sell about 50% of its Greek renewable energy subsidiary, Enel Green Power Hellas, to Macquarie by May, as part of its strategy to reduce debt and streamline international operations.

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Enel, one of the world’s leading renewable energy developers, is expected to finalize an agreement with Australia’s Macquarie Group to sell a stake of about 50% in its Greek renewable energy unit, Enel Green Power Hellas. The agreement should be concluded by May, according to two sources close to the case.

Enel Green Power Hellas operates 59 renewable energy plants with a total capacity of 482 MW, powered by wind, solar and hydro energy. The company’s website also states that it has six solar power plants currently under construction, with a total capacity of 84 MW.

Macquarie Group, which already holds a 49% stake in Greece’s single electricity grid operator, HEDNO, declined to comment on the deal, as did Enel.

The agreement with Macquarie Group is expected to be finalized in the coming days.

The Italian energy giant is one of the top five renewable energy developers in the world by installed capacity. Last year, Enel announced plans to streamline its international operations and reduce its net debt to less than three times its core earnings. As part of this strategy, Enel has decided to leave Romania, Peru and Argentina and to partner with investors in specific countries or companies.

Enel has already signed an agreement to sell its assets in Romania to Public Power Corp. of Greece, which is expected to be completed by the third quarter of this year. It has also reached an agreement with Southern Power Grid International, a Chinese state-owned company, on two assets in Peru.

The sale of the stake in Enel Green Power Hellas to Macquarie Group is part of Enel’s efforts to reduce its debt and streamline its operations. The agreement should be finalized in the next few days, according to sources close to the case.

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