Presently, Endesa carries out its renewable energies activities in Spain and Portugal through Endesa Cogeneracion y Renovables (ECYR), while EGP through its wholly-owned subsidiary Enel Green Power International (EGPI) carries out in renewable energies in Spain and Portugal through its 50% stake in Enel Union Fenosa Renovables (EUFER).
The purpose of the transaction is for Endesa and Enel to manage and develop their renewable assets in Spain and Portugal through the single platform, making full use of the existing company ECYR that will be participated by Endesa on a 40% and EGP on the remaining 60%.
The companies involved in the transaction, EUFER and ECYR, have been valued by independent investment banks, BBVA and Santander (financial advisors of Endesa and EGP, respectively), which have issued the fairness opinions about the economic value of the respective companies.
The resulting entity (ECYR) will have, once fully integrated, 1.4GW of operational attributable capacity and a diversified portfolio in several renewable energy technologies: 88% wind, 4% mini hydro, 1% photovoltaic and 7% CHP and biomass.
