ENEL GREEN POWER: SALE OF STAKE IN LA GEO

Published on Tuesday, 16 December 2014

Rome, December 16th, 2014 – On December 12th, 2014 Enel Green Power (EGP) announced to have reached an agreement with Inversiones Energéticas S.A. de C.V. (INE), the Salvadorian state-owned energy company, for the sale of the 36.2% stake EGP owns in La Geo, EGP and INE joint venture for the development of geothermy in El Salvador, to INE which with 63.8% of the stake is already the majority shareholder of the Salvadorean company.

As announced, with this agreement, EGP disposed its whole shareholdings in La Geo to INE for a consideration of approximately 280 million USD (approx. 224 million euros).
In relation to the above, the Company discloses that the consolidated book value of such shareholding as of September 30th, 2014 was approximately 100 million euros, and therefore, the expected gain booked from the sale amounts to around 110 million euros, net of  the estimated tax impact.


Enel Green Power is the Enel Group company fully dedicated to the development and management of renewable energy sources at the international level, with operations in Europe, the Americas and Africa. The company generated over 29 billion kWh in 2013 from water, sun, wind and the Earth’s heat - enough to meet the energy needs of more than 10 million households and avoid the emission of approximately 16 million tonnes of CO2 into the atmosphere. Enel Green Power is a world leader in the sector thanks to its well-balanced generation mix, providing generation volumes well over the sector average. As of September 30th, 2014, the company has an installed capacity of approximately 9,500 MW from a mix of sources including wind, solar, hydroelectric, geothermal and biomass. The company has about 750 plants operating in 18 countries in Europe, the Americas and Africa.

 

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Price Sensitive | December, 16 2014

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