Italian Group Raising Money Through Stake Sale

• Enel Group has announced stake sale in its renewable energy projects in Chile and Australia
• In Australia, it has secured Inpex of Japan as an equal partner for €400 million
• In Chile, Sonnedix has purchased 416 MW operational PV capacity from the group for €504 million

The renewable energy arm of Italy's Enel, Enel Green Power (EGP) is divesting a 50% stake in its renewable energy business in Australia, bringing on board Japanese oil and gas company Inpex Corporation as the equal partner in the portfolio. This follows the announcement of selling 4 operational solar PV projects to Sonnedix in Chile.

Enel Green Power Australia (EGPA) operates 310 MW solar PV capacity in Australia and has another 93 MW solar and a 76 MW wind project under construction. The company says it is also developing a significant portfolio of wind, solar, storage and hybrid projects across the country.

At the completion of the transaction valued at around €400 million, will be jointly controlled by EGP and Inpex. The duo will oversee the company's current renewable energy generation portfolio, develop the project pipeline and increase the installed capacity.

Enel says the deal is aligned with its Strategic Plan under which it plans to implement partnerships in certain businesses and geographies to enhance value creation.

The development follows Enel announcing selling a portfolio of 4 operational PV assets of around 416 MW capacity to Sonnedix for a total consideration of €504 million in Chile, which is also aligned with the Strategic Plan.

All of these projects are operating in Atacama and Antofagasta regions and have an individual capacity of 36 MW, 97 MW, 79 MW and 204 MW, together generating close to 1 TW annually.