Enel stated that the purchase aligns with its strategy of forging new alliances across businesses and geographies. Credit: Inpex Corporation.

Japanese oil and gas exploration and production company Inpex has agreed to buy a 50% stake in Italian utility Enel’s Australian activities.

The deal will see Inpex acquiring a stake in Enel Green Power Australia and Enel Green Power Australia Trust (together EGPA).

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These two companies are fully owned by Enel subsidiary Enel Green Power. The deal values EGPA at around €400m ($449.37m), including nearly €140m in debt.

Enel stated that the purchase aligns with its strategy of forging new alliances across certain businesses and geographies to improve value creation.

Inpex will acquire EGPA via its newly formed subsidiary Inpex Renewable Energy Australia.

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When the transaction is completed, Enel Green Power and Inpex will jointly control EGPA, which will continue to ramp up its installed capacity.

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By continuing to develop its project pipeline, EGPA aims to support Australia’s energy transition towards net zero.

EGPA operates three solar plants totalling 310MW in installed capacity along with a 76MW wind project in construction and a 93MW solar project in execution stages.

In the future, Inpex looks to transform the energy landscape by actively engaging in the attainment of a net-zero-carbon society by 2050.

For Enel, the transaction is expected to result in a gain of around €87m in its earnings before interest, taxes, depreciation and amortisation (EBITDA) this year.

It is also projected to reduce the group’s net debt in 2023 by nearly €145m.

The transaction is pending approval from the Australian Foreign Investment Review Board as well as antitrust authorities.