Italian energy company Enel, via its Enel Green Power unit, has agreed to offload a 50% interest in its Greek renewable business Enel Green Power Hellas (EGPH) to Macquarie Asset Management for around €345m.

Macquarie’s Macquarie Green Investment Group Renewable Energy Fund 2 will purchase the stake under a deal struck by the companies, which values 100% of EGPH at around €980m.

The deal, which is pending approval from antitrust authorities, is expected to complete in the last quarter of this year.

Once closed, EGP and Macquarie will sign a shareholder agreement for joint control of EGPH’s renewables portfolio while developing its project pipeline to further increase installed capacity.

EGPH owns and operates 59 plants with a total capacity of 482MW. This includes wind, solar and hydro along with six solar projects under construction with a capacity of 84MW.

Enel anticipates consolidated net debt reduction of around €345m and a €390m gain on its 2023 EBITDA [earnings before interest, taxes, depreciation, and amortisation] through the transaction.

Earlier this month, the Italian company entered a deal with Japan’s Inpex to sell a 50% stake in its Australian renewables business, valuing the business at nearly €400m.

In April of this year, the company agreed to divest its Peruvian subsidiary to China Southern Power Grid International for $2.9bn.