Europe's biggest utility said its Enel X unit would buy a 21 percent stake in Ufinet for 150 million euros ($175 million) with an option to buy the rest from owner Cinven for 1.32-2.1 billion euros.
"This deal further strengthens our position as a leading infrastructure operator in the region," Enel CEO Francesco Starace said in a statement.
Enel, which controls Spain's Endesa, is one of the biggest utilities in Latin America. Earlier this month, it paid almost $1.5 billion to buy 73 percent of Brazilian power company Eletropaulo.
In Italy, the state-controlled utility is rolling out a nationwide fiber optic grid through Open Fiber, which it co-owns with state lender CDP, to rival the network of phone incumbent Telecom Italia.
The company, which is using its existing Italian power grid network to house cable, has previously said it intends to repeat the project in other countries where it operates.
"Enel X will benefit from our experience in Italy through the Open Fiber joint venture to develop wholesale ultra-broadband," Starace said.
Ufinet operates in 14 countries in Latin America and manages more than 49,000 kilometers of fiber, almost a third in metropolitan areas.
Enel said the call option it had on the 79 percent of Ufinet it would not immediately own could be exercised between Dec. 31, 2020 and Dec. 31, 2021.
Under the agreement with Cinven, Enel will have a right to joint control of the broadband wholesale operator but will lose that right if it does not exercise the call option.
Private equity firm Cinven bought Ufinet in May this year through its Sixth Fund for an undisclosed amount.
In a separate statement, Ufinet said the partnership with Enel would allow it to create the biggest telecom infrastructure company in Latin America, taking advantage of Enel's presence in the area.
It said the injection of new capital would allow it to strengthen its international reach through a series of acquisitions.
https://finance.yahoo.com/news/enel-cou ... 41568.html
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· The Sixth Cinven Fund, managed by the international private equity firm Cinven, will in turn own the remaining 79% of the NewCo’s share capital
· Ufinet International represents a platform for growth in Latin America in the ultra-broadband sector, which, in line with Enel’s 2018-2020 Strategic Plan, is one of the business objectives of Enel X, the Enel Group company for advanced energy solutions
https://www.enel.com/media/press/d/2018 ... in-america
Rome, June 27th, 2018 - As part of the partnership agreement between Enel and Intesa Sanpaolo to support innovation in the energy sector, promote the development of the circular economy and open innovation, Aton Storage, an Italian company active in the development and manufacturing of innovative systems for the storage of electricity from photovoltaic sources, received a loan of 1.5 million euros from Italy’s leading banking group to support Aton Storage’s activities and, in particular, the recent initiative launched alongside Enel. Aton has signed a partnership agreement for the all-Italian offer of batteries integrated with photovoltaic systems for residential customers, at competitive prices. Thanks to this agreement, solar panels are transformed into a usable resource day and night, increasing the self-consumption of solar energy. The system developed by Aton specifically for Enel X is available in four sizes, satisfying every consumption profile.
https://www.enel.com/media/press/d/2018 ... rt-of-aton
• Five plants owned by Enel Produzione and Enel Green Power are involved in the transaction for a value of approximately 335 million euros
Rome, June 28th, 2018 - The Enel Group (“Enel”) has reached an agreement with F2i SGR for the sale of the entire portfolio of biomass generation plants in Italy, with a total net installed capacity of around 108 MW.
The sale involves the operational Mercure and Finale Emilia plants, located respectively in the regions of Calabria and Emilia Romagna, 50% of Powercrop - the Enel-Maccaferri joint venture - which owns the plants under construction at Russi and Macchiareddu located respectively in Emilia Romagna and Sardinia, as well as the project for the construction of the Casei Gerola plant in Lombardy, for which authorisation is currently pending.
The completion of the transaction is subject, among others, to the authorisation of the Antitrust Authority and may also take place through individual transfers of the various plants between 2018 and 2019.
The sale of the plants, which is part of the Group strategy for the active management and asset rotation, has a total value of approximately 335 million euros.
https://www.enel.com/content/dam/enel-c ... %20ENG.pdf
SAO PAULO, July 5 (Reuters) - Italian energy firm Enel SpA has recently hired Rothschild & Co to sell two solar farms and a wind farm in northeastern Brazil, newspaper Valor Economico reported on Thursday.
The assets, held by unit Enel Green Power, are located in the states of Bahia and Piauí and total about 540 megawatts in capacity. About 450 megawatts is solar power and 90 megawatts is wind power.
The sale process began "in recent days" and Enel is sounding out investors, the paper said, citing sources familiar with the matter.
Neither Enel nor Rothschild immediately responded to a request for comment on Thursday.
Enel declined to comment to Valor.
Last month, Enel made a big move in Brazil, acquiring a majority stake in power company Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, paying about $1.5 billion to become the nation's largest electricity distributor.
https://finance.yahoo.com/news/italys-e ... 45679.html
https://finance.yahoo.com/news/italys-e ... 35914.html
Speaking to analysts on first half results, Enel CFO Alberto De Paoli said disposals would include renewable energy assets in Mexico and Brazil as well as coal and biomass operations.
"Overall we could raise between 1.2 and 1.5 billion euros," he said.
In June, Europe's biggest utility agreed to spend almost $1.5 billion to buy a majority stake in Brazilian power company Eletropaulo (ELPL3.SA) and also said it could spend more than $2.3 billion to buy a Latin American fiber company.
Enel, which controls Spanish utility Endesa (ELE.MC), is focusing on grids and renewable energy to drive growth, especially in emerging markets and North America.
The group, the biggest private energy player in South America, owns extensive generation and distribution assets in Brazil. Last year it bought distributor Celg-D for $647 million.
"I don't see appetite for further acquisitions in Brazil at this stage," Enel CEO Francesco Starace told analysts.
Earlier on Tuesday, Enel said net debt at the end of June rose 11.2 percent from December to 41.6 billion euros mainly due to acquisitions and dividend payments.
The state-controlled utility stuck to its full-year targets after core earnings in the first six months rose 2.6 percent, boosted by higher margins at its green energy business.
Enel, which is one of the world's biggest green energy players, is targeting ordinary core earnings for the year of around 16.2 billion euros.
https://finance.yahoo.com/news/enel-exp ... 34359.html
An Enel SpA unit started construction of a 34-megawatt solar plant in Zambia, a first for the company in the African nation.
The Ngonye plant in the south should begin operating at the start of 2019, Enel Green Power said in a statement . The plant is supported by a 25-year power purchase agreement with state-owned Zesco Ltd.
Enel will invest $40 million into the project, mainly through a $34 million finance deal with Zambia’s Industrial Development Corporation. When fully operational, Enel expects it to produce 70 gigawatt-hours a year.
https://finance.yahoo.com/news/enel-uni ... 03801.html
https://www.enel.com/media/press/d/2018 ... -published