Finerge is engaged in development, construction and operation of wind farms in Portugal. The firm currently has 126MW of installed capacity as well as minority stakes in 292MW.
Upon completion of the transaction, EGP will exit the Portuguese renewable energy market as part of its 2015-2019 business plan, and shift its focus on fast growing markets.
The company plans to optimize its portfolio and seek opportunities in countries which have more development potential.
As part of it strategic business plan, the company plans to invest €9.6bn and boost its capacity by 7.1GW by 2019.
Enel Green Power CEO Francesco Venturini said: "This disposal of our Portuguese assets is part of our active portfolio management strategy, a key pillar of the Group’s five year strategic plan.
"There is strong demand for renewable assets and by selling an operational platform in a mature market, we register an early success in delivering against the commitments we made to the market earlier this year."
Finerge also holds a stake of 35.96% in Eólicas de Portugal (Eneop), a firm which owns a portfolio of operating wind farms with combined capacity of 1,333MW.
Following completion of the deal, Finerge will own wind farms, which have combined generation capacity of 863MW, in Portugal. It will own four special purpose companies which operates 445MW of wind projects.
Enel expects the deal to generate a capital gain of around €30m.
Subject to the conclusion of the separation of Eneop’s assets, the deal is planned to be completed in the fourth quarter of 2015.
Image: Enel Green Power plans to invest €9.6bn through 2019 as part of strategic business plan. Photo: courtesy of Enel Green Power S.p.A.
