Enel’s French wind farm portfolio for sale

04 November 2014 – Enel [BIT:ENEL], the Italian utility, has put its French renewable energy generation portfolio up for sale, two sector bankers have told this news service.

The bankers, who had seen the sale’s teaser documentation, said that Societe Generale is advising Enel on the sale. Societe Generale did not respond to a request for comment.

The portfolio for sale has an installed capacity of 166MW and consists of 10 wind farms. Onshore wind power in France has an estimated value of EUR 1.4m per MW, one of the sector bankers said. Therefore, if the portfolio is valued at market rate, it is worth about EUR 232m.

Enel is undergoing a divestment program of non-core assets, which include its 66% stake in the Slovak utility Slovenske Elektrarne, and majority stakes in six Romanian subsidiaries. The Italian government, which owns 31.2% of Enel, is likely to sell a 6% stake after the company’s 3Q results on 11 November, this news service reported in October.

Enel, which has a market capitalisation of EUR 36.8bn, said earlier this year that it was aiming to raise about EUR 4bn from asset sales by the end of 2014.

The company did not respond to a request for comment.

by Katie McQue

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