Enel Completes Sale of 50% Stake in Australian Renewables Entities to INPEX for €142 Million

Enel, a player in the global energy sector, has successfully concluded the sale of a 50% stake in two entities overseeing its renewables activities in , known as Australia Pty and Enel Green Power Australia Trust, collectively referred to as EGPA. The buyer, , secured this stake for an approximate sum of €142 million.

EGPA currently manages an impressive portfolio, including three solar plants with a combined installed gross capacity of 310 megawatts (MW) and a 76MW wind project. Furthermore, the company has a 93MW solar project currently in the construction phase.

Notably, EGPA is actively engaged in the development of an extensive array of renewable energy projects across Australia. These initiatives encompass wind, solar, storage, and hybrid projects, underlining EGPA's commitment to advancing sustainable energy solutions. In addition, the company is expanding its footprint in innovative solutions within the retail and trading sectors.

This strategic transaction aligns with Enel's ongoing strategic plan, which focuses on fostering partnerships in specific industries and regions to augment value creation.

Upon the finalization of the transaction, both Enel Green Power (EGP) and INPEX will jointly oversee EGPA, assuming shared control over the company's existing renewables generation portfolio. Moreover, they will collaborate on further developing EGPA's project , with the aim of increasing its installed capacity.

Enel underscores the pivotal role EGPA plays in driving the energy transition in Australia, thereby accelerating progress towards the nation's ambitious net-zero emissions target.

From a financial perspective, this transaction has yielded positive results for the Enel Group. It has contributed approximately €95 million to the Group's (Earnings Before Interest, Taxes, Depreciation, and Amortization), while also having an anticipated favorable impact on consolidated net debt, estimated to be around €142 million.

It's important to note that this figure excludes approximately €203 million in net debt that was deconsolidated in 2022 when EGPA was already classified as “held for sale.” This strategic move reinforces Enel's commitment to sustainable energy development and its strategy of forging partnerships to enhance its global footprint in the renewables sector.

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