Italian energy company Enel’s subsidiary Enel Produzione, has signed a deal to sell its entire 49% stake in Hydro Dolomiti Enel to Fedaia Holdings for €335m.
However, the sale price will be subject to customary completion adjustments.
Hydro Dolomiti Enel operates hydropower plants, mainly located in the Italian province of Trento, which have a total designed power generation capacity of about 1,280 MW.
It operates 26 large hydro power plants with a total power generating capacity of 1,277.3 MW, and two small hydro power plants, with generating capacity of 2.4 MW.
The Italian based HDE generated 4.2 TWh of electricity in 2014, and reported an EBITDA of €247m.
Following the deal, Dolomiti Energia will continue to own the remaining stake.
The sale is part of Enel Group’s plan to sell minority stakes companies and invest in other growth opportunities outlined by the company last March. The proceeds will help the firm in reducing its debt.
Closure of the deal is subject to Dolomiti Energia waiving or not exercising its right of pre-emption and on the buyer receiving clearance from the EU antitrust authority.
The sale price will be subject to customary completion adjustments.
Fedaia Holdings is a subsidiary of Macquarie European Infrastructure Fund 4, managed by Macquarie Infrastructure and Real Assets.